* LME/ShFE arb - http://tmsnrt.rs/2oQ5nm2 (Updates throughout, moves dateline from Sydney)
LONDON, July 4 (Reuters) - Industrial metals fell on Tuesday as investors took profits following a recent rally, while expectations of plentiful supply from Indonesia and the Philippines pushed nickel prices down by the most since May 24.
Trade was thin as U.S. markets are closed on Tuesday for the Independence Day holiday. "Volumes are very low so markets are easily moved," a trader said.
Metals had been bolstered on Monday by strong manufacturing data in China, but Capital Economics analyst Caroline Bain said broader data pointed to a slowdown in Chinese growth.
"This optimism is going to fade," she said.
NICKEL: Benchmark nickel was down 2.5 percent on the London Metal Exchange at $9,160 a tonne at 1013 GMT, after earlier falling briefly below its 50-day moving average. The stainless steel ingredient had gained nearly 9 percent since mid-June.
NICKEL TECHNICALS: Support was at $9,100 and $9,005-$9,025, close to a recent low, said brokers Marex Spectron in a note.
FUNDAMENTALS: Capital Economics' Bain said supplies looked solid as Indonesia exported more ore and fears of mine closures in the Philippines faded. Chinese stainless steel production, the main source of nickel demand, had also fallen, she said.
INDONESIA EXPORTS: Indonesia issued recommendations that will allow PT Dinamika Sejahtera Mandiri to export 2.4 million tonnes of bauxite and PT Ceria Nugraha Indotama to export 2.3 million tonnes of nickel ore through to July 2018.
NEW CALEDONIA: Brazil's Vale was reassessing its loss-making New Caledonian nickel operations.
MARKETS: Investors worldwide were risk averse and shares, oil prices, the dollar and bond yields all fell.
COPPER: LME copper was down 0.8 percent at $5,880 a tonne, eating into gains of more than 5 percent since mid-June.
COPPER STOCKS: Prices were supported by a fall in on-warrant stockpiles available to the market at LME warehouses to 176,125 tonnes, ending two days of large stock increases. <MCUSTX-TOTAL>
TIN STOCKS: At 1,690 tonnes, stocks of tin in LME warehouses are at their lowest since the 1980s. <MSNSTX-TOTAL> Benchmark tin was 0.5 percent lower at $20,050 a tonne.
TIN SPREAD: Falling stocks helped push the premium of cash tin over the three-month price to $315 a tonne, the highest since September 2015 and indicating tight nearby supply. <MSN0-3>
PRICES: Three-month aluminium was down 0.6 percent at $1,916.50, zinc was 1.1 percent lower at $2,775.50 and lead was down 1.9 percent at $2,293.50.
(Additional reporting by James Regan; Editing by Susan Fenton)