Last week, nickel prices showed a volatile and weak trend overall. Under the combined impact of weakening macro sentiment and fundamental pressures, the most-traded SHFE nickel contract came under pressure and fell. On June 4, SHFE nickel prices dropped sharply, closing near Yuan 138,000/tonne. On June 5, it hit an intraday low of Yuan 137,000/tonne, a recent low, before trading in the range of Yuan 138,000-139,000/tonne. On the nickel ore front, shipment volumes from the Philippines continued to grow after the end of the rainy season, putting downward pressure on ore prices. CIF transaction prices for 1.3% grade traded weakly stable near US $48/wmt. Indonesian domestic ore prices remained relatively firm due to slow RKAB quota approvals and tight supply, with 1.4% grade prices holding in the range of US $64-66/wmt. In addition, Indonesia's push to centralize natural resource exports had entered a transition phase.