New Caledonian Violence Has An Impact On Nickel Prices.

Since deadly violence broke out in the French Pacific territory of New Caledonia last week, nickel prices have skyrocketed globally.

This overseas region, ruled by France for more than 170 years, is one of the major producers of this material worldwide, which is needed to make steel, solar panels, electric car batteries, and other materials. frequently utilised objects.

This article examines the global significance of New Caledonia’s nickel industry and the reasons why social unrest has affected prices.

After French Members of Parliament approved amendments to the French Constitution allowing citizens who have lived in New Caledonia for ten years to vote in provincial elections, riots broke out.

The measure’s opponents fear it will help pro-French politicians in New Caledonia, where Kanaks who support independence have long advocated for independence from France.

This 270,000-person archipelago is home to the Kanak people, who want independence, but many of the island’s non-native residents and the offspring of colonists want to stay in France.

France proclaimed a minimum 12-day state of emergency on the island on May 15. She quickly dispatched a thousand soldiers to support the security forces that had begun to lose ground in some areas of Nouméa, the capital.