* German ZEW survey rises in Nov for first time since Dec 2013 * Bonds remain largely supported by ECB QE speculation * Rabobank sees Bund yields at 0.65 percent end of Q1 2015 (Updates with reaction to ZEW) By Emelia Sithole-Matarise and Marius Zaharia LONDON, Nov 18 (Reuters) - Bund yields held near record lows on Tuesday as investors speculated a better-than-expected German investor and analyst morale survey would not deter the European Central Bank from easing monetary policy further.

The ZEW index rose in November for the first time in almost a year, to 11.5 points from -3.6 points in October, beating a Reuters consensus forecast of 0.5 points.

The survey suggested a brighter outlook for Europe's biggest economy after it dodged recession in the third quarter, but with prospects of a significant pick-up in growth still muted it did not shake market expectations of more ECB stimulus.

ECB President Mario Draghi said on Monday that any future asset purchases by the central bank could include government bonds. Other ECB policymakers reinforced that message.

German 10-year Bund yields, the benchmark for euro zone borrowing costs, inched higher to 0.81 percent immediately after the ZEW release, but quickly retreated to 0.79 percent, 0.5 basis points lower on the day.

"Markets are still very much having yesterday's speeches by ECB governing council members in focus," said DZ Bank strategist Daniel Lenz. "They pointed to a growing likelihood of QE (quantitative easing) including purchases of government bonds. Today's (ZEW) outcome ... may be an outlier." A Bundesbank survey on Monday showed business confidence among German companies declining, with only one in three expecting production to increase next year and one in four anticipating a rise in exports.

Rabobank strategists, who expect the ECB to announce it will start buying government bonds at the end of the first quarter of 2015, forecast Bund yields at 0.65 percent in the first three months of next year.

"However, on the Bund front intermittent sell-offs seem likely as talk of QE ramps up. Meanwhile, narrower peripheral (spreads) seem more certain," they said in a note.

Yields on lower-rated bonds were also largely unchanged after outperforming Bunds on Monday in the wake of Draghi's comments.

Peripheral euro zone bonds stand to benefit most from any government bond purchases by the ECB. Spanish 10-year yields were at 2.11 percent, while their Italian counterparts stood at 2.31 percent.

(editing by John Stonestreet)