Nickel slides as Indonesia eases export bottleneck
XLB•Other base metals mostly move higher
Elsewhere on the LME, copper CMCU3 gained 0,23%, aluminium CMAL3 dipped 0.09%, zinc CMZN3 rose 0.70%, lead CMPB3 was little changed, down only 0.03%, and tin CMSN3 ticked 0.12% lower.
Among other base metals on SHFE, copper SCFcv1 nudged 0.13% higher, aluminium SAFcv1 dropped 0.40%, zinc SZNcv1 rose 1.02%, lead SPBcv1 tumbled 1.25%, and tin SSNcv1 gained 0.36%.
($1 = 6.7531 Chinese yuan renminbi)
Weak Chinese factory data adds pressure on metals
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.
Nickel falls after Indonesia resumes delayed exports
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 CMNI3 on the London Metal Exchange fell 1.56% to $16,980 a metric ton as of 0330 GMT, while the most-traded nickel contract SNIcv1 on the Shanghai Futures Exchange dropped 1.91% to 129,520 yuan ($19,179.34) a ton.
