A method of chemical mechanical polishing includes bringing a conductive layer of a substrate into contact with a polishing pad, supplying a polishing liquid to the polishing pad, generating relative motion between the substrate and the polishing pad, monitoring the substrate with an in-situ electromagnetic induction monitoring system as the conductive layer is polished to generate a sequence of signal values that depend on a thickness of the conductive layer, and determining a sequence of thickness values for the conductive layer based on the sequence of signal values. Determining the sequence of thickness values includes at least partially compensating for a contribution of the polishing liquid to the signal values.