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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.

Stacks of cut boards at a sawmill in Sooke, British Columbia.

Photographer: James MacDonald/Bloomberg

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.