Posted a few days ago on XJO:
BDI has good positive correlation to Copper Price.
All three lowest values in BDI correspond to regions of three lowest realms in Copper price. Same with peaks.
For the lows:
85-86, BDI ~ 550s-700, Cu ~ 60c
98/99, BDI ~ 770s-900, Cu ~ 70c
01/02, BDI ~ 840s-1000, Cu ~ 50c.
BDI currently in mid 700s, but Cu rallying above $1.70.
