* Dollar firms while euro slips * Investors look to upcoming U.S. data for price direction * Coming Up: U.S. CPI, May; 1230 GMT * Coming Up: U.S. Industrial output, May; 1315 GMT (Update prices, add quotes and details) By Carrie Ho SHANGHAI, June 15 (Reuters) - London copper fell on Wednesday, weighed down by a stronger dollar, as investors eyed U.S. industrial output and CPI data due later in the day. But the contract held on to most of the previous session's gains of nearly 3 percent fed by data from China and the United States. Three-month copper on the London Metal Exchange edged down 0.2 percent to $9,151 at a tonne by 0727 GMT, after closing the last session up 2.9 percent, its biggest one-day rise in nearly a month. The most-active August copper contract on the Shanghai Futures Exchange SCFcv1 closed 1.3 percent higher at 68,610 yuan per tonne, catching up with overnight gains in London. "The market is in a wait-and-see mode. Asian investors are probably waiting to see how Europe and the U.S. will react to the U.S. data later, especially the industrial output figures," China Futures Co Analyst Yan Jun said. China's central bank raised bank reserve ratios on Tuesday for the ninth time since October to try to curb inflation, which is running at its fastest pace in almost three years. China's inflation accelerated to a 34-month high of 5.5 percent in the year to May, from 5.3 percent in April. But its industrial output rose 13.3 percent in May on the year. Analysts say while the data suggests China's economy is slowing, the slowdown is not as much as some feared, leaving the authorities free to fight inflation. "With that tightening measure out of the way, I feel that we will start to take price directions from movements in the dollar again," said Jinhui Futures deputy general manager Lin Yu Hui. The dollar firmed against a basket of currencies and the euro on Wednesday. The euro came under renewed pressure on Wednesday as markets refocused on the euro zone's debt problems after Moody's threatened large French banks with possible downgrades, while hedge funds bet on further drops in the currency. France's top three banks may be downgraded for their exposure to Greek debt and as euro zone ministers failed to agree on private contribution to the Greek aid deal. Greek demonstrators prepared to cordon off parliament and unions to strike on Wednesday in protest at the Socialist government's efforts to approve a fresh round of austerity for the debt-stricken euro zone state. China appears to be heading for its worst power shortage since 2004, which may affect consumers and producers of base metals. But Wednesday's statement by the State Grid Corp of China (SGCC) offered a bright spot in the crisis. Beijing may cut up to 1.02 gigawatts (GW) of power load to parts of the city during the summer months, said SGCC, less than the 3 GW estimated by the local media previously, representing a smaller burden on the overall state grid. Base metals prices at 0727 GMT Metal Last Change Pct Move YTD pct chg LME Cu 9151.00 -19.00 -0.21 -4.68 SHFE CU FUT AUG1 68610 910 +1.34 -4.51 LME Alum 2623.50 -3.50 -0.13 6.21 SHFE AL FUT AUG1 17075 -25 -0.15 1.40 HG COPPER JUL1 414.40 0.00 -0.26 -6.66 LME Zinc 2270.00 -10.00 -0.44 -7.50 SHFE ZN FUT AUG1 17485 65 +0.37 -10.22 LME Nickel 22375.00 60.00 +0.27 -9.60 LME Lead 2565.00 -15.00 -0.58 0.59 SHFE PB FUT 16980 40 +0.24 -7.47 LME Tin 25551.00 -99.00 -0.39 -5.01 LME/Shanghai arb 785 Shanghai and COMEX contracts show most active months ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month Shanghai lead launched on March 24 (Reporting by Carrie Ho; Additional reporting by Nick Trevethan; Editing by Clarence Fernandez)

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