Big gains for lumber in U.S

Posted by Rumin Mann
August 29th, 2010

Lumber futures rose, heading for the biggest gain in almost seven weeks, after the U.S. government said work began on more homes in July than the previous month. Housing starts increased 1.7 per cent to an annual rate of 546,000. Prices are getting a boost from the housing starts being “a little bit better,” said Dewey Strickler, president of Ag Watch Market Advisors in Nashville. “The inventories in the field are very low,” said Jamie Greenough, a futures broker and lumber analyst at Global Securities Corp. in Vancouver. “There are some expectations that maybe the U.S. is in need of some inventory replenishment.”

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