Copper drops in London, New York

Copper prices fell on Monday on the belief that the recent rally may have been too exuberant.

Copper has gone up 8.1 percent in the past month on supply concerns, but London Metal Exchange inventories were up by 2,725 tonnes on the day for the biggest one-day percentage rise in a month.

Losses might have been even bigger after Xstrata (LSE: XTA) settled a strike at a facility in Canada over the weekend, but a strike in Chile remains ongoing, cutting production there.

The price of copper in London dropped 0.8 percent to $8,035 per tonne, while in New York September copper dropped 5 cents to $3.66 per pound.

Elsewhere, lead dropped 0.3 percent in London to $3,395 per tonne after going as high as a new record of $3,505 per tonne, while tin was 1 percent lower to $15,300 per tonne.