METALS-Copper dips on China manufacturing data, weak euro

* China factories off to sluggish 2012 start

* Investors close positions ahead of Chinese New Year

* Copper stocks in LME-monitored warehouses fall

By Susan Thomas and Harpreet Bhal

LONDON, Jan 20 (Reuters) - Copper fell on Friday after manufacturing data from China showing a lacklustre start to the year reduced expectations of demand from the world's top consumer of the metal, with a weak euro putting further pressure on prices.

Three-month copper on the London Metal Exchange (LME) closed at $8,225 a tonne, down 1.6 percent from a last bid of $8,360 on Thursday.

Earlier it hit $8,428.50, its highest since Sept. 20. Prices are up around 3.5 percent this week, a second week of gains.

China's manufacturers started 2012 in a sluggish mode, suggesting Beijing will keep pulling pro-growth policy levers, despite some early signs that a downward drift in factory activity is slowing, a survey of purchasing managers showed on Friday.