Lumber futures hit four-week lows early on Monday before pulling back to close near Friday's levels; September contract settles at US$232.10/mbf
August 30, 2011
– Lumber futures hit four-week lows in Monday's trading on the Chicago Mercantile Exchange before pulling back to close slightly lower than Friday's levels.
Traders remained anxious about the U.S. housing market and the state of the economy, Dow Jones reported, and this caution, along with profit-taking after Friday's increases, limited gains and contributed to the weaker closes, Dow Jones Commodities News reported on Aug. 29.
The stronger equities markets failed to lift lumber futures prices, and September closed $0.40 lower at $232.10 per thousand board ft. (mbf) while November also dropped $0.40 to close at $239.50/mbf. Cash prices were reported in a $232-$240 range.
Last week, futures made some gains on expectations that Hurricane Irene would boost demand, and an improvement in equities markets. On Friday the September contract neared a four-week high of $232.50/mbf, while November closed the week at $239.90/mbf.
The primary source of this article is Dow Jones, Chicago, on Aug. 26 and 29, 2011 .