Base metals business remained slack during Monday afternoon open-outcry trade on the London Metal Exchange (LME), with interest severely curtailed due to the US Labour Day holiday, traders said.
Contracts were mixed by the close, although some of the losses sustained at the end of last week were clawed back.
"It has been a non-event, a non-day, really, because of the States being closed," a trader said.
"There has been a bit of covering and bargain-hunting buying, but that is about it," he added.
The market may trade sideways in the short term, although analysts say that the copper and aluminium markets remained well supported by their respective fundamental situations, despite a poor performance on the technical charts.
Dealers said some trade buyers were making the most of lower prices. Many feel that prices will be on the rise again over the coming months as restocking picks up pace after the summer holiday lull.
Nickel touched a fresh 12-week low at $12,050 a tonne in early trade, but then bounced to close at $12,225, up $25.
Technical analysts said chart indicators still pointed to the $11,800 support level being tested in due course, with a close above $12,800 needed to relieve immediate pressure.
In a special report - The Prospects for Nickel out to 2010 - analysts GFMS Metals Consulting said that over the next few years production will continue to struggle to match consumption.
"Beyond 2006, the outlook for supply becomes more uncertain. A myriad of projects are under consideration. Most at the time of writing have not received official authorisation to proceed."
GFMS forecast an average annual price of $13,300 this year, which should be the peak in this cycle. Earlier this year, nickel hit 15-year highs of $17,720.
Elsewhere, copper made modest upside headway after an initial advance, ending the kerb at $2,723 a tonne, up from Friday's kerb close of $2,702.
Aluminium did little after early gains, closing the session at $1,661, up $7. Lead gained $13 to $853 a tonne, while zinc was unchanged at $962. Tin fell $115 to $8,710.