LME copper closed at $7,470/mt, having earlier hit $7,629.75/mt.

"The market overnight, rallied back above $7,600 on the back of sentiment generated by what was going on in Euroland and China ... the jobs data was good as well," said Alex Heath, head of base metals at RBC Capital Markets. "This afternoon, we're not seeing any flows."

"The markets are thin," he added. "It is very much a watch and wait scenario."

"Last week was generally better, capped by the non-farm payroll," said Robin Bhar, an analyst at Credit Agricole Corporate & Investment Bank. "As the market is poised to enter the seasonally stronger demand period, sentiment does look to be better than people were giving its due a few weeks ago."

"(Cancelled warrants) are creeping up slowly," a LME trader said. "LME stocks do generally seem to be falling, a good indication demand may be picking up."

Aluminium ended at $2,231/mt. Zinc touched $2,410.75/mt and closed at $2,370/mt, and lead ended at $2,257.50/mt.

Tin closed at $17,300/mt, while nickel was at $22,300/mt.

"(There are) positive reports coming from the market since the start of the year regarding demand recovery from the main end-use market for nickel, stainless steel," Macquarie said in a note. "The market is also now in deficit."