The Baltic Dry Index, a measure of freight costs for bulk commodities such as iron ore, coal, cement, fertiliser and grains, has become the bear’s best friend. The index is down to its lowest level since October – a fall of 40 per cent in three months – and not far above the level of a year ago, giving ammunition to those investors who believe the global economy is not recovering. The bears, however, will be deeply disappointed.
For years, the index has been seen as a proxy for global
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