Lumber falls 21% in 8-day losing streak, but analysts see a bottom forming for the key building commodity
are on the decline again as questions continue to linger about the current state of the housing market.
Lumber futures fell 3% to $402 per thousand board feet on Tuesday, and the essential building commodity has suffered an eight-day losing streak that has erased 21% off of futures' pricing. The 23% price decline seen in lumber so far in February is an about-face from its strength seen in January, in which the commodity surged 37%.as the busy homebuilding season heats up.
That, combined with lean inventories means lumber prices could rally back above $500 per thousand board feet. "We gathered significant new data from homebuilders suggesting a much stronger than expected January demand response from homebuyers, which has in turn led several builders to embrace strategic operating shifts that will maintain higher production levels of unsold spec homes this spring," Raymond James analyst Buck Horne wrote in a Friday note."Combining this confirmation of
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