When the North American lumber bubble popped this summer, economists and commodity traders alike pointed to its swift correction—falling from $1,515 per thousand board feet in May to $389 per thousand board feet in August—as an indication that other material shortages and supply chain woes would subside if simple economics was given time to work its magic. But that "transitory" narrative is facing another challenge: Spiking lumber prices. Last Wednesday, the futures price for framing lumber hit $870 per thousand board feet. That's up 124% since August. ...
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