US STOCKS-Index futures dip as dollar rises

* Dollar rises, pressuring stock futures

* Intel up after stock raised to "buy"

* Futures dip: S&P 3.6 pts, Dow 14 pts, Nasdaq 6 pts

* For up-to-the-minute market news see [STXNEWS/US] (Adds Alcoa share price, updates market activity)

NEW YORK, Nov 8 (Reuters) - U.S. stock index futures fell on Monday as a rise in the U.S. dollar weighed on commodity prices and looked set to put pressure on natural resource stocks.

The dollar has traded in a strong inverse relationship to U.S. equities recently. An unwinding of dollar short positions that began after solid U.S. jobs data last Friday gathered pace on Monday, while concerns over euro zone debt hurt the euro. The dollar was up 0.6 percent against a basket of currencies. <.DXY>.

Metals prices slipped as the dollar rose, while oil prices fell 0.3 percent toward $86 a barrel, easing back from two-year highs earlier in the session. Gold slipped for the first time in three sessions but remained near record highs. For details, see [ID:nLDE6A70O5]

Alcoa Inc , the largest U.S. aluminum producer, fell 1.4 percent to $13.80 in premarket trade, while other metals producers, such as Newmont Mining Corp and Freeport McMoRan Copper and Gold Inc , also edged lower although volume was light.

"The dollar weakness, which has been one of the driving forces in the recent rally, is rebounding, causing a rethink in the dollar trade," said Andre Bakhos, director of market analytics at Lek Securities in New York.

"That coupled with calls by many for profit-taking has caused an early morning retreat."

S&P 500 futures fell 3.6 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 14 points, and Nasdaq 100 futures lost 6 points.

U.S. stocks rose for the fifth straight week last week and have passed levels not seen since before the bankruptcy of Lehman Brothers, helped by Republican gains in the U.S. midterm elections and on news of more cheap money from the U.S. Federal Reserve.

The S&P 500 faces strong resistance at around 1,228, a key retracement of the benchmark's slide from its historic high in 2007 to the 12-year low in March 2009. The S&P closed at 1225.85 on Friday.

AOL Inc is exploring strategic options, which include a possible tie-up with Yahoo Inc , and has retained financial advisers to do so, the Wall Street Journal reported, citing unnamed sources. Yahoo's shares rose 1.7 percent to $16.55.

Intel Corp was up 1.4 percent to $21.54 before the bell after UBS raised the stock's rating to "buy" from "neutral." UBS estimates the global semiconductor industry will see another couple of quarters of inventory adjustments. [ID:nWNAB0678]

Saudi Arabian Airlines ordered 12 Boeing Co 777-300 "Extended Range" planes for $3.3 billion, in addition to eight 787 Dreamliners, Boeing said Sunday. However, Boeing's shares traded down 1.4 percent to $70.30 in premarket trade. [ID:nN07170469]

Japan's Nikkei average rose 1.1 percent to a three-month closing high on Monday, adding to gains last week as investors shifted toward global equities on improving prospects for the U.S. economy. European stocks edged lower in early trade, with telecommunications shares such as Vodafone Plc among the biggest drags. (Reporting by Edward Krudy; editing by Jeffrey Benkoe)