2011 was for the minor metals, like it was for many commodities, a year of two halves. The first few months saw prices rising to near - and sometimes past - their pre-financial crisis levels, as end-users breathed a sigh of relief when the worst of the crisis seemed to have passed. But the euphoria was short-lived.
By June and July, it was becoming evident that the sovereign debt levels in the US and Europe were going to weigh heavily on governments' abilities to continue supporting economic recovery with further fiscal stimulus. Markets and commodity prices stuttered. Copper started to fall from its record levels by the end of July and the industrial minor metals, molybdenum, cobalt, tungsten and manganese, followed.
By September, all eyes had turned east to see whether China could pick-up the slack in demand, as it had two years earlier. But China's hands seemed tied as it continues to try and address inflation and liquidity issues that have stemmed from its 2008 monetary stimulus.
