Among industrial metals, benchmark copper futures on the London Metal Exchange fell 1.1% to $8,944.25 a ton, while March copper futures fell 1.9% to $4.1960 a pound.

Copper was also pressured by softer-than-expected private purchasing managers index data from top importer China, as business activity remained soft in the first month of 2025. 

JPMorgan reiterates bull case for gold 

JPMorgan analysts said in a Monday note that they maintained their bullish view on gold in the medium-term, stating that risk aversion in broader markets could still drive investors into the yellow metal. 

The investment bank still expects gold to rise to $3,000 an ounce by late-2025, stating that lower U.S. interest rates and a stabler, albeit slower economy, will drive flows into the yellow metal. 

JPM is set to deliver about $4 billion worth of gold against futures contracts in February. The investment bank is by far the largest dealer of gold in the world.