With Greece announcing over the weekend that it will miss its deficit reduction target, prices were down for all metals on the LME yesterday.
European finance ministers put off a meeting until next month to decide on whether to give the green light to a further €8 billion bailout to Greece in November.
Markets did not like this and equities and commodities all began a slide.
Chinese buyers are on a national holiday this week, so have not been available to step in to buy material at bargain prices.
On a slightly more positive note, the European Central Bank meets on Thursday and is expected to cut interest rates in the eurozone area.
At one point yesterday, copper fell as low as $6,635 (£4,274) but picked up a little during the day. The official price of three month copper was $6,819 (£4,392) yesterday compared to Friday’s $7,155 (£4,592).
Aluminium was down to $2,158 (£1,390) yesterday from $2,242 (£1,439) at the end of last week. Alloy fell to $2,140 (£1,378) on Monday from Friday’s $2,240 (£1,438).
Lead dropped to $1,960 (£1,262) yesterday compared to $2,036 (£1,307) on Friday. Nickel fell to $18,145 (£11,688) on Monday from $20,850 (£13,383) at the end of last week.
Tin was down to $20,100 (£12,947) from $20,850 (£13,383) on Friday. Zinc was at $1,870 (£1,205) down from $1,924 (£1,235).
Steel moved down to $550 (£354) from last Friday’s $555 (£356).