(Recasts, updates prices, adds details/quote) * Greece leaders clinch austerity deal * China's inflation rises 4.5 pct year-on-year in January * Aluminium cancelled warrants at 24.55 pct of total stock By Harpreet Bhal and Maytaal Angel LONDON, Feb 9 (Reuters) - Copper rose on Thursday to hit a five-month high as the euro gained versus the dollar after Greece confirmed it had clinched a deal for emergency aid needed to ensure it avoids a disorderly default. A stronger euro makes dollar-priced metals cheaper for European investors. Greece's agreement to adopt new austerity measures, confirmed by European Central Bank President Mario Draghi, should pave the way for a 130 billion euro ($172 billion) aid package for the troubled country. Benchmark copper on the London Metal Exchange (LME) rose 1.43 percent to $8,703 a tonne at 1455 GMT, from a close of $8,580 on Wednesday, having earlier hit $8,730, its highest point this year and a level not seen since mid-September. "The important thing is that an agreement has been reached for Greece, this should support risk appetite in general, but we've had a good run recently so we might start to see some profit taking," said Danske Bank analyst Arne Lohmann Rasmussen. He added: "In general the focus on Greece is now smaller, people are seeing stronger growth in the U.S. and seeing a China that is slowing but not heading for a hard landing, so, in our view, risk-on mode can continue." U.S. data out earlier showed new claims for unemployment benefits unexpectedly fell last week, reinforcing hopes that the world's largest economy is slowly emerging from an economic slump and will soon start consuming more copper. On the downside, however, data out overnight showed inflation in China spiked to a consensus-busting 4.5 percent in January, breaking a five-month softening trend, and sparking worries that monetary easing might not occur soon. "The Chinese New Year has been cited by many as distorting the figures, which, up until now, had shown 5 consecutive months of steady declines. Last year, the Chinese New Year fell in February, so we would expect a commensurate increase in this year's February numbers before drawing any conclusions," Standard Bank said in a note. China is the world's top copper consumer, accounting for around 40 percent of refined copper demand last year. RIO TINTO In industry news, global miner Rio Tinto reported a 6 percent fall in second-half profit before $9.3 billion in writedowns mainly on its aluminium business, but appeased investors with a massive dividend hike. Aurubis AG, Europe's largest copper producer, will continue to consider acquisitions of copper smelters or product makers, its new CEO said. Aluminium was up 2.02 percent at a day high of $2,299 a tonne, from a close of $2,253 on Wednesday. Data from the LME showed the ratio of cancelled warrants to total stock for aluminium held in LME-registered warehouses rose to 24.55 percent, with large cancellations out of Vlissingen. "Aluminium has been the only base metal to rally this morning (but) over the past few days, open interest has continued to decline suggesting the market still seems wary about getting long just yet," said Standard Bank. Zinc, used in galvanising, was up 1.47 percent at day high at $2,146 a tonne from $2,115, while tin was at $25,650, up 0.98 percent, just shy of the day high of $25,780, and against Wednesday's close of $25,400. Tin prices were cushioned by news that shipments out of top exporter Indonesia fell 27 percent on the year. Battery material lead was at the day high of $2,220 a tonne, up 1.79 percent from $2,181, and stainless steel ingredient nickel was at $21,680 a tonne, up 0.84 percent from $21,500. (Editing by Anthony Barker)

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