In China, Shanghai Futures Exchange copper slipped 2.2 percent to 45,630 yuan ($6,572) a tonne on Monday, also hit as traders square their books ahead of January. New signs that China's housing market has cooled also dragged. Meanwhile, ShFE lead and zinc dived 7 percent and 5 percent, respectively. Reflecting low available supply of nickel ore, China's portside nickel stocks have slumped to the lowest in 5 years at 1.267 million tonnes.
Copper prices have come under selling pressure this month as traders book profits on November's stellar rally, and after warehouse stocks jumped 44 percent last week as metal is delivered to tidy books ahead of year-end.