* China, most of Asia shut for Lunar New Year * China copper imports hit record high in December * Eyes on Greek debt restructuring deal (Updates prices) By Manolo Serapio Jr SINGAPORE, Jan 23 (Reuters) - London copper futures drifted lower in extremely slow trading in Asia on Monday with many markets, including China, shut for the Lunar New Year break and the rest cautiously eyeing Greece's next steps to avoid a debt default. Asian shares paused from last week's rally as caution resurfaced after Greece and private creditors struggled to reach an agreement vital in restoring confidence in Europe's refinancing ability. Prices got little support from weekend data that showed top copper consumer China's refined copper imports rose 18.3 percent in December from the previous month to a record high 406,937 tonnes. Three-month copper on the London Metal Exchange eased 0.2 percent to $8,208 a tonne by 0713 GMT, with volumes traded on LME Select at a wafer-thin 604 lots. Copper rose as high as $8,428.50 on Friday, its loftiest since last September, before trimming gains towards the close after data showed China's manufacturing sector was off to a sluggish start in 2012. That added to recent data that the Chinese economy, the world's second largest, grew at its weakest pace in 2-1/2 years in the last quarter of 2011, raising concern about the country's future copper demand. With China and most of Asia closed, investors are waiting for a decision by euro zone finance ministers on the terms of a Greek debt restructuring they are ready to accept as part of a second bailout package for Athens, after negotiators for private creditors said they could not improve their offer. A successful Greek agreement should help boost the euro, which came off early lows in Asia, and along with it base metals prices. "However, one must not get too swept up in the upside euphoria, as markets are capable of turning on a dime given the still unresolved long-term debt situation in Europe and the fact that no one has a clear sense of just how much of a slowdown the Chinese are experiencing," INTL FCStone analyst Edward Meir said in a note. Supply constraints and falling LME inventories of copper have helped keep the metal's losses in check. Copper stockpiles monitored by the London Metal Exchange fell to their lowest since October 2009, data showed on Friday, highlighting dwindling supply in a market that some analysts expect to see a deficit this year. LME copper stocks MCU-STOCKS dropped by 2,450 tonnes to 348,750 tonnes. But in China, copper inventories in warehouses overseen by the Shanghai Futures Exchange CU-STX-SGH rose 9.3 percent, or 11,193 tonnes, to 131,645 tonnes last week, the highest since April 2011. "The stock build has been driven in part by a sharp decline in utilisation rates by home appliance and cable manufacturers since December, ahead of the Chinese New Year," Macquarie said. Base metals prices at 0713 GMT Metal Last Change Pct Move YTD pct chg LME Cu 8208.00 -17.00 -0.21 8.00 SHFE CU FUT APR2 60720 160 +0.26 9.68 HG COPPER MAR2 373.35 -1.15 -0.31 8.66 LME Alum 2211.50 -3.50 -0.16 9.48 SHFE AL FUT APR2 16395 30 +0.18 3.47 LME Zinc 2014.00 2.00 +0.10 9.16 SHFE ZN FUT APR2 15855 195 +1.25 7.16 LME Nickel 20450.00 0.00 +0.00 9.30 LME Lead 2181.50 -2.50 -0.11 7.20 SHFE PB FUT 16120.00 120.00 +0.75 5.46 LME Tin 21850.00 0.00 +0.00 13.80 LME/Shanghai arb^ 98 Shanghai and COMEX contracts show most active months ^ LME 3-month copper in yuan, including 17 pct VAT, minus SHFE third month

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