I noticed a while ago that BHP (US ADR) is highly correlated to the copper price (despite the fact copper is a small part of its product mix). Mining operations, and other commod prices haven't made much difference. That correlation recently seems to have broken down. Strange though so has the correlation between copper and Freeport McMoran - that's a correlation that makes a lot more sense.
Not sure what it means but would expect these to converge again some time soon...
capital wednesday, page-73
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