METALS-Copper down as investors fret over Greece, China

* Euro hit by Moody's downgrade of Greece

* Chinese data stokes fears of overheating economy

* Aluminum stocks rise, record high still within reach

(Updates with New York closing copper price, adds New York dateline/byline and analyst comments)

By Chris Kelly and Rebekah Curtis

NEW YORK/LONDON, April 22 (Reuters) - Copper prices were under pressure on Thursday, as risk appetite crumbled amid concerns over Greece's deteriorating financial health and investors worried about slowing demand growth in top-consumer China.

Most-active copper for July delivery HGN0 on the New York Mercantile Exchange's COMEX division slumped 5.10 cents, or 1.4 percent, to settle at $3.5065 per lb, after dealing between $3.4830 and $3.5530.

On the London Metal Exchange, benchmark copper for three-month delivery CMCU3 closed at $7,692 per tonne in official rings from $7,760 at the close on Wednesday.

Earlier this month the metal used in power and construction touched $8,043.75, its highest since August 2008, but has since continued to meet stiff resistance near the $8,000 level.

Risk sentiment took another hit on Thursday, leading to further flight-to-safety bids in the U.S. dollar after Moody's cut Greece's sovereign rating and placed it on review for a further possible downgrade. [USD/]

"The Greek debt crisis is not going away any time soon," said Bart Melek, Global Commodity Strategist with BMO Nesbitt Burns in Toronto.

Jeff Pritchard, broker and analyst with Altavest Worldwide Trading in Mission Viejo, California, agreed, adding, "Once you work through Greece, you still have Portugal, Spain, Italy, Ireland ... there are a bunch of uncertainties in the EU right now."

Investors in industrial metals also fretted about China's demand outlook.

The market appears worried the world's top consumer of base metals may be oversupplied with copper after imports in March jumped more than 50 percent to 337,125 tonnes. [ID:nTOE63K02M]

"Investors are very worried about China's growth. They've recognized that the level of actual physical consumption has slowed right down," said Alex Heath, head of base metals at London's RBC Capital Markets.

"There is growing worry that the levels of demand will slow in the second half. Quite clearly China is stockpiling at the moment."

Last week China raised mortgage rates and down payment requirements to cool growth in the property sector, a major user of copper pipes and wiring. [ID:nTOE63E08N]

Aluminum CMAL3 closed at $2,320 versus $2,351. LME stocks for the metal, used in transport and packaging, rose 2,325 tonnes to 4.57 million tonnes, remaining near record highs. A large portion of those aluminum stocks are tied up in financial deals. [ID:nGEE5BA277]

Steel making ingredient nickel CMNI3 closed at $27,095 from $26,975, while battery material lead CMPB3 shed $10 to finish at $2,310.

Metals traders have been focusing on dominant positions within the smaller LME metal markets, especially nickel.

"A single market player held over 40 percent of all short positions in nickel due this month at the end of last week," Commerzbank said in a note. "In view of the recent rise in prices, this investor may probably have been forced to buy back these positions to avoid further losses," the note added.

"This was probably a contributing factor in the sharp rally of nickel prices and is likely to lend further support to prices in the coming days too."

Zinc CMZN3 closed at $2,418 a tonne from $2,425 and tin CMSN3 was at $18,950 from Wednesday's last quote of $19,000/$19,050. Metal Prices at 1824 GMT Metal Last Change Pct Move End 2009 Ytd Pct

move COMEX Cu 348.45 -4.85 -1.37 334.65 4.12 LME Alum 2315.00 -36.00 -1.53 2230.00 3.81 LME Cu 7705.00 -55.00 -0.71 7375.00 4.47 LME Lead 2310.00 -10.00 -0.43 2432.00 -5.02 LME Nickel 27030.00 55.00 +0.20 18525.00 45.91 LME Tin 18815.00 -435.00 -2.26 16950.00 11.00 LME Zinc 2400.00 -25.00 -1.03 2560.00 -6.25 SHFE Alu 16620.00 -70.00 -0.42 17160.00 -3.15 SHFE Cu* 60660.00 -270.00 -0.44 59900.00 1.27 SHFE Zin 18930.00 -100.00 -0.53 21195.00 -10.69 ** 1st contract month for COMEX copper * 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07 (Additional reporting by Michael Taylor in LOndon; editing by Michael Hogan and James Jukwey)