Baltic Dry Index gained 14.3%

Baltic Dry Index (BDI), a leading indicator for shipment of commodities worldwide, and as a result an important sign of demand for commodities, gained 14.3% since February 24, 2010.

The index has bottomed out since February 2009. It once soared to above 4,000 in early June 2009, but then retreated to below 2,500 in August. The index soared again to above 4500 in November, but then fell back to 2500 late last month. But since then the index continued to grow to 3098 last Friday.

Sign of improvement in the commodities market? May be. Crude palm oil, for example, closed at RM2534/ton on Malaysia Derivatives Exchange last Friday, substantially lower from last month. But the current price is already 30% above the same month last year.

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