LONDON, Sept 22 (Reuters) - Copper rallied to a one-week high on Monday as the dollar fell against the yen and the euro and as stocks fell in Asian warehouses, suggesting a pick-up of demand in China. Copper for delivery in three months MCU3 on the London Metal Exchange traded up $80 at $7,140 in official rings from $7,060 on Friday. On Thursday it hit a nine-month low of $6,625. Earlier the metal used widely in the power and construction industries hit $7,215 a tonne, the highest since Sept. 15, helped by short position - bets on lower prices -- covering. "The dollar has weakened and that has helped to support base metals," said Calyon analyst Robin Bhar. The dollar slipped as investors awaited details of a planned $700 billion U.S. bailout of bad mortgage debt, likely the biggest bailout in American history, capping a dramatic week in the U.S. financial markets. [USD/] But analysts said it was too early to celebrate yet. "It's going to take a long time to restore confidence and liquidity, and to essentailly know what impact last week has had on the real economy -- the uncertainty out there will cap the rally," Bhar said. CHINESE DEMAND Analysts said a 3,100-tonne fall in LME copper inventories, primarily from the Gwangyang and Busan warehouses in Korea, suggested demand from China, the world's largest importer and consumer of the red metal, was starting to pick up. China's copper imports have fallen since the start of the year due to soft demand, rising domestic output and high prices. China's imports of refined copper fell slightly on the year to 87,168 tonnes in August, and also were down from 88,075 tonnes in July, the customs office said. [ID:nBJB000489] But China's implied copper demand -- based on Reuters calculations of trade data -- rose 1.2 percent in August from July, despite fears of a drop due to factory closures for the Olympic games. [ID:nSP24116] While the weak dollar has boosted base metals across the board, gains in aluminium were capped by a rise in stocks, now at 1.35 million tonnes, their highest level since March 2004.................................