Lumber Futures Jolt Higher as U.S. Demand Holds Strong
- Wood prices to remain strong near-term, Fastmarkets RISI said
- Professional renovations are replacing do-it-yourself work
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U.S. lumber futures jumped for the second straight day Thursday, as signs of demand held strong for the key building material that has raised the cost of new homes.
The contract for July delivery on the Chicago Mercantile Exchange surged to the maximum amount allowed for the day, up $63 to $1,390 per 1,000 board feet, just $343.50 below the record-high reached on May 10. At some point in each of the previous three sessions, July futures fell by the maximum amount allowed, showing how volatile the market has been.