(Updates throughout, adds LONDON dateline) LONDON, Aug 5 (Reuters) - Copper fell for a fifth consecutive day on Thursday as concerns over the demand outlook from top consumer China pulled prices further from an all-time peak reached earlier this year. Benchmark copper on the London Metal Exchange (LME) was down 0.3% at $9,440.50 a tonne at 1104 GMT, down from a record high of $10,747.50 in May, but still up more than 20% this year. “We’ve got forces pulling in opposite directions,” said Saxo Bank analyst Ole Hansen. “The longer term bullish narrative hasn’t changed much ... (but) the market’s a bit worried about the Chinese slowdown,” he said. Key technical support is around $8,700, where copper’s 200-day moving average currently sits, he said. RALLY: Copper is used in power and construction and many analysts expect demand to grow and supply to run short as the world swaps fossil fuels for electrification. MARKETS: Global equities slipped from record highs and the dollar held most of Wednesday’s gains. FED: A senior Federal Reserve official said the conditions for raising U.S. interest rates could be met by the end of 2022. COVID: A Chinese health official said he expected a coronavirus outbreak in China to be largely under control within weeks. FACTORIES: German industrial orders rose more than expected in June. OUTLOOK: Industrial metals will likely fall in 2021 and 2022 with copper averaging $7,500 a tonne in the last quarter of next year, analysts at Capital Economics said. “Underpinning this view are our forecasts for economic growth to slow in China, a continued rebound in supply from major producers, and a stronger US dollar,” they said. CHILE: Foreign miners in Chile have asked lawmakers to rewrite a bill that would slap royalties on their sales. LEAD: The premium for cash lead over three month metal on the LME surged as high as $89, the highest since 2011, signalling low availability of quickly deliverable material. CMPB0-3 Lead inventories in LME-registered warehouses at 58,850 tonnes are the lowest since July 2019. MPBSTX-TOTAL METALS PRICES: LME aluminium was up 0.8% at $2,587 a tonne, zinc rose 0.2% to $2,979.50, nickel added 0.4% to $19,325, lead slipped 0.1% to $2,378.50 a tonne and tin was 0.2% higher at $34,690. (Reporting by Peter Hobson Additional reporting by Mai Nguyen in HANOI Editing by Mark Potter) Our Standards: The Thomson Reuters Trust Principles.