Benchmark copper hit a 20-month peak of $6,204 a tonne in mid-February on worries about potential shortages after shipments from the world's two biggest copper mines were disrupted.
Since then, however, prices have faltered, slipping 7 percent as production resumed from major copper operations.
"The supply disruptions that we have seen were short-term dynamics and did not create real tightness in the market. We wouldn't be too surprised if the copper market ends the year in a slight surplus," said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan.
Evidence of the slack market were physical copper premiums in Shanghai, which remain weak, he added.
"I think that the market is digesting the slowing down of the global picture, which has been taking place in recent weeks. We've seen a slow down in credit growth in the biggest metal consuming countries, China, the US and Europe, which is not good for the state of demand in the second half of the year."
LME COPPER: London Metal Exchange copper was bid down 1.2 percent at $5,765 a tonne after failing to trade in official activity, adding to small losses in the previous session, having broken support at its 100-day moving average at $5,800 a tonne.
COPPER SPREADS: The discount of cash LME copper to the three month contract was $34.25 a tonne after closing on Friday at $35.25, the biggest discount since June 2013, indicating that supplies were adequate.
COPPER PREMIUM: The copper cathode premium in China's bonded zones is down nearly a fifth this year at $65 a tonne.
COPPER SPECULATORS: Hedge funds and money managers cut their net long position in US copper futures for the first time in three weeks, data showed.
ZINC: LME price traded down 0.5 percent at $2,675.50 in official rings, dragged lower by weakness in steel and also after news that two flood-hit mines in Peru were ready to restart.
NICKEL: LME price dipped 0.2 percent to trade at$10,165 in official activity. A suspended Philippine nickel miner has asked the president to allow it to ship ore stockpiles after some cargoes were seized.
NEW CALEDONIA: Cyclonic winds and heavy rain buffeted New Caledonia on Monday, prompting residents of the French South Pacific territory to seek shelter and halt mining of nickel, its most important export.
PRICES: LME aluminium shed 1.1 percent in official rings to trade at $1,940.50 a tonne, lead added 0.6 percent to $2,265 a tonne and tin rose 0.5 percent to $20,350 a tonne.