retskas bear culling thursday, page-20

The old Baltic Dry Index has bounced of
bottom and pushed through consolidation.
The old BDI used to be good as a leading
indicator until BHP changed form of iron
ore sales and therefore shipping cost
averages accross all vessels. I think that
explains past years weakness after the GFC.
But now iron ore shiopping market is
probably more stabilised and the Baltic Dry
Index is probably showing world trade about
to increase. Contract prices I believe are
about 3 months forward.
Cu prices have not crashed. I think the bulls
will be calling the shots for the next few
months.