Lumber Futures Extend Rally to A Three-Month High on Positive Outlook for the U.S. Economy
BLOOMBERG -- "Lumber prices climbed, extending a rally to a three-month high, on signs of optimism in the U.S. economy (see chart above, data here).
U.S. wholesale inventories rose in July by the most in two years as a rebound in demand spurred companies to add to stockpiles, Commerce Department data showed. The amount of goods on hand compared with sales indicated that manufacturing gains will be sustained in coming months. Lumber soared as much as 6 percent after jumping the most allowed in Chicago in the past two days.
“Some reasonably good economic news” gave confidence to lumber buyers, said Hakan Ekstrom, the president of Wood Resources International LLC in Bothell, Washington."