Lumber Has Biggest Four-Session Rally Since ’10 on China
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Lumber futures rose, capping the biggest four-session rally since 2010, on mounting speculation that construction in China is boosting demand for imported wood.
Log prices in China surged to a record in the fourth quarter, sparking a 26 percent jump in imports from New Zealand and the U.S. during the second half of 2012, compared with the first six months, Seattle-based Wood Resources International said yesterday in a report. Futures in Chicago, up 44 percent in the past 12 months, may keep rising, said Paul Quinn, an analyst at RBC Capital Markets.