re: oversold I tend to agree that the commodities boom is unsustainable in the sense that eventually for many comodities extra reserves will come on stream but would offer the following comments
1. It takes ages for most production to ramp up, in the meantime BHP will make shed loads of money. We are talking years to ramp up, not months.
2. Much of new production will be higher cost so while I think some costs may be toppy now, prices will keep a level higher than a few years ago (they won't tank)
3. Demand side just will keep on increasing as long as China keeps growing. This is not demand that will be met easily, yes it will be mat (taht's the market for you) but npt easily.
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