North American lumber prices rise on demand, supply woes

North American lumber traded around $540 per thousand board feet in May, near the month's highest level, as the demand outlook improved following positive US data. The average rate for a 30-year mortgage dropped below 7% for the first time in a month to 6.94% as of May 23rd, the lowest level in six weeks, providing an unexpected benefit for spring homebuyers. Furthermore, recent stimulus measures by the Chinese government to bolster its struggling real estate market contributed to a positive demand outlook. On the supply side, uncertainties increased due to activity halts at ...