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CMS lumber futures sharply lower in fund liquidation

Posted on 03 October 2008

From Fxstreet.com: Chicago Mercantile Exchange lumber futures prices Thursday closed sharply lower on pressure from commodity fund-style liquidation, brokers said. New contract lows were hit in all contract months.

At one point, the lead four contracts touched the $10-per-1,000-board-feet limit before bouncing into the close, they said. The nearby November contract ended $2.80, 1.41%, lower at $196.40. The January contract fell $8.60, or 3.95%, to close at $209.30, and March settled at $230.10, $4.80, or 2.04%, lower. Commercial buying tended to support the market at its lows, one broker said. They were willing to own 2×4 lumber at a level below $200, and the lower the better, he said…… Full Article: Source


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