Lumber futures close sharply higher on July 3 as buyers secure additional supplies before holiday; July gains US$10 to settle at US$305.20/mbf, September and November contracts both close limit-up
Wendy Lisney
LOS ANGELES
,
July 4, 2013
(IndustryIntel)
–
Lumber futures closed sharply higher on July 3, with the July, September and November contracts all gaining US$10 per thousand board ft. (mbf) Dow Jones reported.
Cash prices were reported in a $300 to $310/mbf range.
Cash markets became active during the afternoon as buyers secured additional wood before the holiday, brokers said, especially as some traders planned to extend the holiday by taking Friday off. Additional support was provided by a continued firm outlook for the U.S. housing market and recent gains in housing starts, reported Dow Jones.
The July contract has no daily trading limit as its expiration approaches, and touched a three-week high of $305.50/mbf before falling back slightly to close $10 higher at $305.20/mbf. September and November also reached three-week highs, both closing up by the $10 daily limit at $307.90/mbf and $307.50/mbf respectively.
Trading volumes were generally light as some traders had started their holiday early.
The primary sources of this article are Dow Jones, Chicago, on July 3, 2013 and daily settlement date for random length lumber futures from the Chicago Mercantile Exchange.
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.
