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Nickel prices fell June 3 as US military struck Iran, fired at oil tankers

Spot nickel prices fell on June 3, as SMM #1 refined nickel dropped by 450 yuan per metric ton. This decline was driven by renewed conflict in Gulf region and Shanghai's ambitious goal to achieve 55 trillion yuan in asset management by 2030.

BRIC Team
BRIC Team
Jun 3, 2026 · 1 min read · 1 views
Nickel prices fell June 3 as US military struck Iran, fired at oil tankers

Key Takeaways

  • •On June 3, SMM #1 refined nickel prices fell 450 yuan/mt from the previous trading day.
  • •Spot nickel prices declined on June 3, reacting to renewed conflict in the Gulf region and new financial development plans from Shanghai.
  • •The premium for Jinchuan #1 refined nickel dropped 100 yuan/mt, averaging 700 yuan/mt.
  • •Conflict reignited in the Gulf region, with the U.S. military striking Iran's Qeshm Island.

SHFE nickel 2607 contract saw ups and downs June 3, ending with slight gain,even as spot nickel prices dipped. Analysts noted rising Gulf tensions,Shanghai's new financial strategies as key factors .

Persian Gulf tensions heated up,unsettling investors . U.S. military hit Iran's Qeshm Island. Oil tanker skirmish reports popped up . Air defense alarms blared in Kuwait,Bahrain.

Spot nickel market didn't do well June 3. SMM #1 refined nickel prices fell 450 yuan/mt from previous day. Jinchuan #1 refined nickel premium dropped 100 yuan/mt,averaging 700 yuan/mt . Domestic mainstream electrodeposited nickel moved between -700 to 300 yuan/mt .

Shanghai's government office sparked separate market shift. It released "Several Opinions on Deepening the Development of Shanghai as a Global Asset Management Center," setting out major new…

#breaking#business

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