Pursuits
Canadian Lumber Producers Tumble Amid Slow U.S. Housing Recovery
- Disappointing construction data means lumber prices may slump
- West Fraser, Canfor likely to report lowest profit in 4 years
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West Fraser Timber Co. and Canfor Corp., Canada’s largest lumber producers, are suffering from tepid demand in the U.S. where the recovery in the housing market is stuttering.
U.S. housing starts fell a more-than-expected 8.8 percent last month, the Commerce Department said April 19. Housing demand isn’t strong enough to support lumber prices at current levels, according to Stephen Atkinson, an analyst at Dundee Capital Markets.