US lumber futures continued to fall over the past few months as weakening housing markets in major economies amid rising interest rates pressured raw material prices. The slowdown in the property market amid rising mortgage rates has cut demand for lumber. The November random length lumber contract traded on the Chicago Mercantile Exchange (CME) settled at $451.10 per thousand board feet (bft) on 8 November, up 0.2% from the previous month and a fall of 27.5% year-on-year. Although lumber prices have fallen over ...
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