Copper prices were down on Monday, under pressure from a disappointing Chinese market return from week-long Lunar New Year holidays and concerns about further monetary tightening in the world's largest metals consumer.

"Shanghai didn't seem to fully catch up with what it missed," said RBS metals analyst Stephen Briggs. "But it is only the first day."

"We think the recovery has gone too far," he said of copper's recent gains. "Demand is still not that brilliant."

Rusal said it planned to increase aluminium and alumina output in 2010.

"Aluminium has the lowest downward potential at the moment," said Eugen Weinberg, an analyst at Commerzbank. "It is still being supported by outflows from inventories in canceled warrants, and by high energy costs."

"(But) the market is very negative on aluminium ... we have 4.5 million tonnes on LME inventories but it's only half of the story – the other half is in outside inventories."

Closing LME prices for Monday:

Copper    $7,330  -$105

Aluminium $2,150   +$11

Zinc      $2,290   -$70

Lead      $2,325   -$34

Tin      $17,175  +$180

Nickel   $20,475  -$250