Prices have declined on rising inventory levels and a \u0027significant drop\u0027 in lumber demand at large retail stores
Lumber’s drop is among the most dramatic examples of the easing in commodity prices after rallies in raw materials from copper to corn earlier this year fuelled concern that rising costs would undercut the economic recovery. U.S. Federal Reserve Chair Jerome Powell last month cited lumber’s decline as evidence that price pressures will cool as supply bottlenecks from the reopening economy are worked out and stimulus fades.
Lumber for September delivery fell 5.6 per cent Monday to US$712.90 per thousand board feet on the CME. The market has even shrugged off more than 300 simultaneous wildfires and rail car gridlock in major producing region British Columbia in Western Canada.
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