The price of a group of obscure commodities used to produce pigments - including ilmenite, rutile, and zircon - has soared this year, in some cases trebling as the rapid urbanisation of China, India and the Middle East boosts demand for paint.

Matthew Hope, analyst at Credit Suisse in Sydney, said: "The price growth has been phenomenal."

Ilmenite and rutile are processed into titanium dioxide, used as a pigment in paints, plastics, papers and cosmetics while zircon is mainly used in ceramics and tiles.

Together, they are known in the mining industry as "mineral sands". The main sources of supply are not traditional large mines, but sand from beaches and shallow waters in remote areas of Australia, Mozambique, Senegal and Kenya.

The demand spike has strained the industry, which has not invested enough to develop new sources of mineral sands because of a period of low prices in the 1990s and 2000s.

Eoin Treacy's view Minor commodities are less heavily influenced by speculators because they tend to be illiquid. As a result, their prices may offer a more reliable indicator of raw supply and demand. Titanium ore rutile trended relatively steadily from 2003 but has spiked higher since May suggesting at least a short-term supply squeeze within the context of an overall bull market.

Iluka Resources trended spectacularly before becoming overextended and hitting a medium-term peak in July. It has since closed the overextension relative to the 200-day MA and appears to be in the process of building support. A sustained move below A$12 would be required to question that hypothesis.

Mineral Deposits, also listed in Australia, hit an accelerated peak in April and pulled back sharply. It has also exhibited signs of a return to demand dominance recently.

UK listed Kenmare Resources hit a medium-term peak in June and has steadied in the region of 40p. A sustained move above 50p would break the progression of lower rally highs and suggest a return to medium-term demand dominance.