"We had the big move last week. People are now waiting to see what happens. There is a bit of selling around, but there is no conviction to it.
"Players don't believe in this market, but at the same time they are nervous about going short," he said.
LME copper ended open outcry trade at $3,208 a tonne, below Friday's close of $3,225, but still in touch with an all-time high of $3,280 set in 1989.
But analysts urged caution with copper so close to the record.
"Long-term charts are suggesting that copper is approaching a massive double top, and we reiterate being cautious at these lofty levels," Man Financial analyst Edward Meir said in a report.
The recent run-up in metals prices, with some hitting fresh highs, has been driven mainly by investment fund short covering, broker Macquarie Bank said on Monday.
Copper dropped to a low of around $3,180/185 a tonne in Asian trade because of Chinese selling and then rose on fund buying. That figure was now first support, dealers said.
"Given current (inventory) deficits in all base metals, we anticipate approaching critical inventory levels soon," Barclays Capital analyst Ingrid Sternby said in a daily note.
"Tin and copper are currently closest to that point, with nickel not far behind," she added.
New York's COMEX was closed on Friday. On Friday benchmark March copper was down at $1.4920 a pound as investors took profits. Other LME metals mostly eased.
Zinc, which has jumped 10 percent this year to 7-1/4-year highs, closed at $1,368. The anti-corrosive metal closed at $1,374 on Friday after touching a high of $1,377.
Aluminium was $1,924, $11 lower than Friday's kerb close.
Lead was untraded, indicated at $965/66, down from $981, while tin was at $8,350, up $50. Nickel was up $50 at $15,675.