N. American lumber prices rise due to production cuts but not for long
The chill in North America’s housing market has lumber traders saying the commodity’s recent rally may not have much more room to run. Benchmark futures in Chicago rose as much as 6.1% to $418.80 per 1,000 board feet Wednesday, heading for the longest rally in two weeks. The bounce comes after prices slumped to the lowest in more than two years last week. While major producers are slashing production, buyers are still spooked by rising interest rates and passing up cheap supplies, meaning any price recovery is ...
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