Aug 3 (Reuters) - Nickel tumbled on Monday, lagging other
base metals after Indonesia resumed exports of minerals
containing rare-earth by-products, easing near-term supply
concerns.
Three-month nickel on the London Metal Exchange fell
1.56% to $16,980 a metric ton as of 0330 GMT, while the
most-traded nickel contract on the Shanghai Futures
Exchange dropped 1.91% to 129,520 yuan ($19,179.34) a ton.
Indonesia's mandatory rare-earth testing delayed exports of
nickel pig iron and mixed hydroxide precipitate, as well as
bauxite, alumina and copper cathodes.
Presidential Chief of Staff Dudung Abdurachman said on Monday
that the ban applied only when rare earths were the primary
product, and that more than a hundred delayed vessels had now
been able to sail. State surveyor will soon issue 85 previously
delayed reports, he added.
Traders and exporters said the clarification reduced fears
of a prolonged disruption to Indonesian nickel shipments, though
officials have yet to finalise concentration limits and testing
procedures.
Elsewhere, Weaker-than-expected Chinese manufacturing data
added pressure by reinforcing concerns about metals demand in
the world's largest consumer.
The private RatingDog manufacturing purchasing managers' index
fell to 50.9 in July from 51.7 in June, below
analysts' consensus forecast of 51.5 and marking the slowest
expansion in four months.
Growth in new orders slowed to its weakest since January,
while manufacturers cut purchasing activity for the first time
since November.
An official survey released on Friday showed factory
activity unexpectedly contracted in July, adding to concerns
about weak domestic demand and slowing economic growth.
Elsewhere on the LME, copper gained 0,23%, aluminium
dipped 0.09%, zinc rose 0.70%, lead was
little changed, down only 0.03%, and tin ticked 0.12%
lower.
Among other base metals on SHFE, copper nudged
0.13% higher, aluminium dropped 0.40%, zinc
rose 1.02%, lead tumbled 1.25%, and tin gained
0.36%.
($1 = 6.7531 Chinese yuan renminbi)