* China markets closed until Tuesday * Asia aluminium premiums set to sag on China exports * Coming up: U.S. Markit manufacturing PMI Feb at 1445 GMT (Updates prices, adds comment, detail; previous MELBOURNE) By Harpreet Bhal LONDON, Feb 20 (Reuters) - Copper slipped on Friday, pressured by a drop in the euro against the dollar, with trading volumes constricted by the absence of consumers in China where the market is closed for the Lunar New Year holiday. Three-month copper on the London Metal Exchange (LME) slipped 0.6 percent to $5,716.50 a tonne at 1115 GMT. Volumes were just over 2,000 lots. The metal used in power and construction is on track for a 0.3 percent fall this week. Analysts expect limited price movement until post-holiday trade revives in China. Markets in China, which consumes roughly 40 percent of global refined demand, will reopen on Feb. 25. "We are quite positive on the outlook for copper prices. It will be those first few weeks after the Lunar New Year when we're hoping to see demand picking up," said Caroline Bain, senior commodities economist at Capital Economics. "If that doesn't seem to happen then we might have to rethink our view. So the next few weeks will be critical." The number of open forward copper contacts on the LME surged to a record ahead of the Lunar New Year, with most investors betting that dwindling supplies will push up prices despite slower demand from China. Putting pressure on metals prices, the euro fell against the dollar for a third consecutive day before a meeting on Greece's request for a six-month loan extension. A strong dollar makes commodities priced in the U.S. unit more expensive for holders of other currencies. Nickel rose 0.6 percent to $14,065 a tonne, rebounding from near 1-year lows of $13,910 hit on Thursday. "Below $13,900 there is interest, but I am waiting until China reopens," said a physical trader in Singapore. Aluminium fell 0.3 percent to $1,813.50 a tonne. Premiums for aluminium in Asia are set to slip from record highs as China ramps up exports of semi-manufactured products, leaving regional producers searching for buyers for their surplus metal. Zinc slipped 0.4 percent to $2,068, tin dropped 0.2 percent to $18,140 and lead shed 0.3 percent to $1,795.50. A cyclone in north east Australia will pass close to Rio's Gove bauxite mining operation. It is also threatening to disrupt BHP Billiton's Groote Eylandt manganese mine and Glencore's McArthur River zinc and lead mine, giving some support to other metals. PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Three month LME tin (Additional reporting by Melanie Burton in Melbourne; Editing by Ruth Pitchford)

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