(VIANEWS) – Lumber futures prices have dropped to their lowest level in seven months, following a record-breaking surge since the middle of 2021.

According to Business Insider, the price of the red-hot commodity was $524.70 per thousand board feet as of Monday at 12:40 p.m. ET, about 68 percent down than its peak of $1,670 per thousand board feet on May 7.

However, when the price of timber stabilizes and returns to pre-pandemic levels, additional bouts of volatility are expected, according to Dustin Jalbert, senior economist at Fastmarkets, a worldwide commodity price reporting agency.

Jalbert, the senior economist, found three factors: wildfires, wood costs, and home demand.

Lumber (LBS=f) is currently on bullish momentum. At 11:07 EST on Wednesday, 21 July, Lumber (LBS=f) is at $584.00 and 7.75% up since the last session’s close.

Volume

Today’s last reported volume for Lumber is 318, 100% below its average volume of 42440494852.21.

Lumber Range

About Lumber’s daily highs and lows, it’s 9.159% up from its trailing 24 hours low of $535.00 and 1.178% up from its trailing 24 hours high of $577.20.

Volatility

Lumber’s last week, last month’s, and last quarter’s current volatility was a positive 1.03%, a negative 1.56%, and a positive 5.37%, respectively.

Lumber’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), was 5.09% (last week), 4.17% (last month), and 5.37% (last quarter), respectively.

Commodity Price Classification

According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Lumber’s commodity is considered to be oversold (<=20).

More news about Lumber (LBS=f).

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