There is definitely some drama in the base metals market right now. Copper has reached record levels due to supply shortages, and now nickel prices are rising, partly due to violent protests in New Caledonia.

France's Pacific region has seen a wave of riots after a proposed amendment to the French constitution that would change local voting rules in the region.

A state of emergency was declared for 12 days after 4 people were killed in the riots on the island, which has a population of 270,000.

The region has held three referendums on independence – all of which were defeated – but it remains a thorny topic that has flared up after a proposed constitutional change to expand French citizens' eligibility to vote in regional elections.

In the bigger picture, the island is an important global producer of nickel, and European officials fear it could quickly be co-opted by China if it becomes independent.

Nickel prices have improved since their lowest levels in February and rose today by 5% to reach their highest levels since the beginning of the year.