The price of copper slipped away from a five-month high on Monday as traders bet a recent rally was overdone.

Copper for May delivery closed at $1.959 a pound, down 4.15 cents for the session. Earlier, prices touched as high as $2.037, copper's highest level in more than five months.

The red metal followed other metals to the downside. June gold finished at $872.80, down $24.50 for the session. Gold earlier hit as low as $865, its lowest level since Jan. 23. Silver for May settlement fell to $12.11 an ounce, down 62.5 cents.

The dollar rebounded modestly against other majors on Monday. The greenback rose off of a 10-day low versus the euro and also recouped some of its recent skid versus the pound.

There was no major economic data scheduled for release on Monday. On Wednesday, traders will watch for wholesale trade data while import and export prices will be announced on Thursday.

Meanwhile, President Barack Obama told Turkish lawmakers Monday that he stood behind their bid to join the European Union. The president also stressed that the U.S. remains a friend to the Muslim world, even as the country fights Islamic terrorism.

In other news, the U.S. Treasury Department has extended the deadline for applications to its public-private initiative to buy up distressed assets from banks. The deadline has been pushed out two weeks until April 24.

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