Gold Futures Pull Back

As for base metals, March-dated Comex copper contracts were down 4 cents at $2.48 a pound, although further weakness may be mitigated by hedge fund activity.

"Large speculator net short positions in copper were steady last week at [around] $1.4 [billion]," writes Mary Ann Bartels, a technical research analyst at Merrill Lynch in New York. "This level of shorting may provide a floor on the metal despite its recent technical weakness."

The presence of large-scale short sellers is considered bullish because at some point positions will need to be covered, thus providing buying pressure.

Shares of copper miner Phelps Dodge(PD Quote) were recently up a hair.

In aluminum, India's Hindalco has said it will purchase Novelis(NVL Quote), sending the shares up 13.5% in recent action.