LONDON, Dec 13 (Reuters) - Aluminium prices fell to their lowest in nearly 15 months on Wednesday as expectations of oversupply dominated sentiment, while base metals overall came under pressure from a firmer dollar.

Three-month aluminium was up 0.3% at $2,128.5 a metric ton at 1230 GMT. Prices of the metal used in the transport, packaging and construction industries earlier hit $2,109 a ton, the lowest since Sept. 28 last year.

"There has been consistent (fund) selling to levels where you would expect consumer buying, but that hasn't materialised, either because we are close to year end or they think it goes lower and are waiting," a metals trader said.

LME data shows funds' net short aluminium positions at their highest since May 2020.

A Reuters survey published in November showed analysts on average expect to see a surplus of 338,000 tons this year and 250,000 tons in 2024. Global aluminium supplies are estimated at around 70 million and 72 million tons this year and next, respectively.

"There's no shortage of aluminium, there is a lot of aluminium sitting outside the LME," an aluminium trader said.

Metal in the LME system is said to be on warrant - a title document conferring ownership.

Aluminium stocks in Asia not on warrant but stored in warehouses registered to issue LME warrants stood at nearly 321,000 tons in October, according to the LME.

Expectations of ample supplies in the LME system can be seen in the widening discount for the cash over the three months aluminium contracts over the past month. The discount was last around $40 a ton.

Weighing on base metals was top consumer China's Central Economic Work Conference focusing on defusing risks but lacking new stimulus for the country's property sector.

The U.S. dollar edged higher against a basket of major currencies, making dollar-priced metals more expensive for holders of other currencies, which could subdue demand and prices.

Copper slid 0.7% to $8,294.50, zinc eased 0.1% to $2,429, lead rose 0.3% to $2043.5, tin gained 0.5% to $24,710 and nickel was down 1.2% at$16,320. (Reporting by Julian Luk in London; editing by Kirsten Donovan)