COMMODITIES-Oil, metals tumble on dollar, China fears

* Oil, metals fall almost 2 percent; agriculture weak

* Drop on strong dollar, fears of China credit tightening

* CRB hits three-week lows

* Coming up: U.S. housing starts data for Feb, due Tuesday

By Barani Krishnan

NEW YORK, March 15 (Reuters) - Oil and metals lost almost 2 percent of their value on Monday and agricultural markets ended broadly lower after a stronger dollar and fears that China might tighten its credit hit commodities.

The 19-commodity Reuters-Jefferies CRB index slipped to a three-week low as the dollar rose against the euro after the lack in progress in rescuing debt-laden Greece hit the single European currency.

A stronger dollar weakens demand for commodities as investors and traders using the euro and other currencies would have to pay more for such raw materials.

The CRB jumped 23 percent last year to recover most of the 36 percent it lost during the financial crisis of 2008.

This year, the index has seen more losses than gains, and is down 4.4 percent year-to-date. On some days, the CRB fell despite a drop in the dollar, which should have made commodities cheaper for users of the euro. Last week, the index saw its worst weekly performance in a month even as the U.S. currency tumbled.

In Monday's session, investors also worried about demand for commodities out of China amid the speculation that the giant consumer of metals, energy and food commodities may embark on credit tightening to rein in its economy.

Shanghai's key stock index fell to its lowest close in five weeks on Monday on expectations China's central bank would step up monetary tightening measures to stem inflation that is rising faster than expected. China is also being pressured by the United States to boost the value of its renminbi currency.

If China raises rates, "maybe the other countries are going to have to follow suit and that could put a little bit of a damper on the growth expectations of all commodities," said Adam Klopfenstein, senior market strategist at MF Global Ltd's Lind-Waldock division in Chicago,

U.S. crude oil's benchmark front-month contract settled down 1.8 percent, or $1.44, at $79.80 a barrel.

The stronger dollar and China worries aside, investors in oil were also waiting to see if the U.S. Federal Reserve keeps its resolve in holding interest rates down and whether oil producer group OPEC considers changes to output policy in meetings scheduled this week.

Copper -- a metal used in construction and power generation and whose prices reflects economic sentiment better than most commodities -- slumped to its lowest levels in two weeks.

In London, copper for three-months delivery finished at $7,310 a tonne, down from $7,440 on Friday. It earlier touched $7,255, its lowest level since March 2.

U.S. copper's most-active futures contract, May, settled down 1.9 percent, or 6.50 cents, at $3.3150 per lb -- its lowest close since Feb. 26.

Analysts said investors in copper will be outwatching U.S. housing starts data for February, due on Tuesday.

Cocoa also ended down 1.9 percent in New York futures trade, while sugar fell 1.4 percent and coffee 1 percent.

Traders said cocoa and coffee were expected to remain under pressure from higher-than-expected supplies in top cocoa grower Ivory Coast and an anticipated bumper coffee crop out of Brazil.

New York's May cocoa fell $54 to end at $2,866 a tonne while May arabica coffee declined 1.45 cents to close at $1.3105 per lb.

New York's May raw sugar fell 0.28 cent to end at 19.39 cents per lb. Raw sugar has lost nearly 40 percent since Feb. 1 when prices touched a 29-year high of 30.40 cents. Prices at 4:20 p.m. EDT (2020 GMT)

Close/ Change Pct 2009 YTD

Last Chg Close % Chg US crude 79.82 -1.42 -1.8 79.36 0.6 Brent crude 77.85 -1.54 -1.9 77.93 -0.1 US gold 1105.40 3.70 0.3 1096.20 0.8 Gold 1107.25 7.75 0.7 1096.35 1.0 US Copper 331.50 -6.50 -1.9 334.65 -0.9 LME Copper 7310.00 -154.00 -2.1 7375.00 -0.9 Dollar 80.22 0.39 0.5 77.86 3.0 CRB 270.790 -2.520 -0.9 283.380 -4.4 US corn 3.6325 -0.0100 -0.3 4.145 -12.4 US soybeans 9.3000 0.0450 0.5 10.3975 -10.6 US wheat 4.7925 -0.0600 -1.2 5.415 -11.5 US Coffee 131.05 -1.45 -1.1 135.95 -3.6 US Cocoa 2866 -54.00 -1.8 3289 -12.9 US Sugar 19.39 -0.28 -1.4 26.95 -28.1 US silver 17.108 0.060 0.4 16.845 1.6 US platinum 1615.80 7.40 0.5 1471.00 9.8 US palladium 460.65 -2.50 -0.5 408.85 12.7

(Editing by Lisa Shumaker)