The commodity price weakness from 2012 to 2015 was the result of an over-allocation of capital by mining companies from 2006 and 2012, Glencore CEO Ivan Glasenberg told an American audience on Monday. In an address to the BMO Metals and Mining Conference in Miami, Glasenberg made the point that the over-allocation in the six years to 2012 went on to conceal the reality of underlying demand actually remaining robust in most commodities.