Lumber Futures Hit Two-Week High as Canada Cuts Wood Output
- West Fraser shutters 2.5% of its North America capacity
- Lumber prices may have reached bottom for now, analyst says
Stacks of cut boards at a sawmill in Sooke, British Columbia.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Supply cuts from a top Canadian producer are sending lumber prices on a rally even as rising interest rates put a chill on housing markets.
Lumber futures rose for the third straight session Wednesday to $601.80 per 1,000 board feet on the Chicago Mercantile Exchange. That’s the highest intraday price since July 22 and the longest rally since July 1.