Bull Market Rally in Lumber Futures As Economic and Construction Growth May Increase Demand
Sept. 24 (Bloomberg) -- "Lumber futures rose the most allowed by the Chicago Mercantile Exchange, capping the biggest weekly gain since July, as a rebound in demand for U.S. capital equipment bolstered prospects for industrial materials.
Lumber futures for November delivery rose the CME’s $10 limit, or 4.3 percent, to settle at $240.50 per 1,000 board feet at 1:13 p.m. in Chicago. This week, the price jumped 10 percent, the most since the five days ended July 2. The commodity has surged 38 percent in the past year (see chart above, data here).
On Thursday, lumber futures reached $243.50, the highest price since June 4. This week, the Commerce Department reported a jump in U.S. housing starts that revived prospects for construction materials."