North American lumber prices were slightly higher on November 17 but were not running away on the upside. Nearby January lumber futures traded around the $500 per 1,000 board feet level from late September through early November. The chart highlights the bullish trend that developed from the October 25 $483 low that took lumber prices to the latest $545 high on November 17. Short-term technical resistance for the January futures is at the August 21 $556 peak. The most recent continuous contract high was only $2 above the August peak of $543 per 1 ...
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