oversold?, page-8

positive report regarding RIO from Bloomberg

Positive Outlook
Iron ore, Rio’s biggest-earning unit with 91 percent of income last year, entered a bull market in July as users in China replenished stockpiles that shrank in March to the lowest level since 2009.

The market’s supply and demand outlook was positive as producers globally struggled to deliver new tons and demand in China continues to grow strongly, Rio’s iron ore CEO Andrew Harding said during the briefing. Chinese steel demand is set to increase 7.5 percent this year to 700 million metric tons, Rio said today in presentation slides.

and this from RIO's CEO re metals and more importantly the continues growth of China and other developing nations

“Over the longer term, I remain optimistic about demand for our products,” Walsh said according to the statement. “China’s urbanization will continue and the development of other economies as they continue to grow at pace, such as India, Vietnam, Indonesia, the Philippines, the Middle East, the former Soviet Union, South America and Africa, will also contribute to ongoing demand.”