* China stockpiling efforts run out of steam, analysts say
* U.S. currency continues to direct metal prices
* Aluminium, lead, zinc, nickel fall more than 4 pct
(Adds official prices, comment, detail)
By Michael Taylor and Maytaal Angel
LONDON, June 22 (Reuters) - Copper fell more than 3 percent to a three-week low on Monday, weighed by a strong dollar and demand worries that were reinforced by prospects that a Chinese stockpiling drive may have peaked.
The euro fell against the dollar ahead of the European Central Bank's first ever one-year refinancing operation on Wednesday. [USD/] A strong U.S. currency makes metals priced in dollars more expensive for holders of other currencies.
Copper for three month delivery MCU3 on the London Metal Exchange was last bid at $4,845 a tonne in rings from $5,025 at the close on Friday and compared with a session low at $4,830.
"Today is more a dollar story but also a bit of fatigue," Nick Moore, head of commodity strategy at RBS Global Banking & Markets, said.
"These commodities have had a superb first half ... (so it's) a nice pause before we get the run-up to the mating season in October."
Towards the end of the summer, metal producers and consumers start discussions over contracts and future prices, many of which culminate during LME Week in October.
Prices of the metal used in power and construction have gained about 60 percent this year, helped by Chinese stockpiling and improving economic data.
China's imports of refined copper hit a record for the fourth straight month in May, but apparent consumption fell 3.5 percent from the previous month, reflecting increased stockpiles and signalling lower inflows ahead. [ID:nHKG80221]
"Base metals couldn't get any positives from the Chinese customs data -- again showing a huge increase year-on-year," said Eugen Weinberg, an analyst at Commerzbank.
"It's not surprising because it's more or less in the price...imports will be very high given the high reserve purchases and also the arbitrage."
