September lumber futures contract bounces back from Wednesday's two-week low as traders position for Thursday's expiration, closes up US$7 at US$244.20/mbf
September 16, 2011
– The September lumber futures contract expired on Thursday, bouncing back from a two-week low on Wednesday as traders positioned for the expiration, Dow Jones Newswires reported on Sept. 15.
September closed US$7 higher at US$244.20 per thousand board ft. (mbf) after hitting a two-week low the day before of $237.20/mbf.
But traders remained cautious about quiet cash markets and lumber demand, and this reluctance to buy led to declines in November and January futures prices.
November settled at a new two-week low, falling $2.80 to $250/mbf, and January closed $0.90 lower at $273.70/mbf. Cash prices were reported in a $255-260/mbf range.
The primary source of this article is Dow Jones Newswires, Chicago, on Sept. 15, 2011 and random lengths settlement data from the Chicago Mercantile Exchange.