Lumber Drops Most Allowed on Falling Demand in U.S., Canada
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Lumber fell the most allowed by the Chicago Mercantile Exchange on declining construction in the U.S. and Canada and speculation that wood processors will not curb production, adding to already ample supplies.
The value of Canadian building permits tumbled more than five times as much as expected, falling 11 percent, because of drops in single-family houses and commercial buildings, Statistics Canada said today. Economist surveyed by Bloomberg News expected a 2 percent drop. U.S. payrolls grew by 83,000 in June, fewer than expected, the Labor Department said last week.