How is the violent unrest in New Caledonia impacting global nickel prices? [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
The overseas territory, which has been under French rule for over 170 years, is a major global producer of the critical material that is needed to make electric vehicle batteries, solar panels, steel and other everyday items. Here's a closer look at the global importance of New Caledonia's nickel industry and why social unrest in the territory has impacted prices. WHY ARE THERE PROTESTS IN NEW CALEDONIA? Riots erupted after French lawmakers approved changes to the French Constitution that would allow residents who have lived in New Caledonia for 10 years to vote in provincial elections. Opponents fear the measure will benefit pro-France politicians in New Caledonia, where pro-independence indigenous Kanaks have long pushed to be free of France. Kanaks are seeking independence for the archipelago of 270,000 people, while many descendants of colonizers and other non-indigenous people who have settled on the island want to remain part of France. On May 15, France declared a
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