(VIANEWS) – The concern about wildfires in Western Canada reducing supply will cause lumber futures to rise and encourage more sawmill curtailments led to the highest increase in Lumber Futures for more than one year.
Bloomberg Quint reports that British Columbia has declared a state emergency. Canfor Corp. stated it will reduce output because of the disruptions caused by fires in transportation and supply chain. Chicago saw a more than 7 percent increase in lumber futures.
This rebound continues wild gyrations which saw lumber prices fall from record levels in May due to a boom in construction that was pandemic-driven, to eight months earlier this week following a recovery of supply and demand. British Columbia is Canada’s largest exporter of lumber to America.
Lumber (LBS=f) is currently on bullish momentum. At 11:04 EST on Thursday, 22 July, Lumber (LBS=f) is at $620.00 and 6.16% up since the last session’s close.
Today’s last reported volume for Lumber is 269, 100% below its average volume of 42395297307.45.
Regarding Lumber’s daily highs and lows, it’s 11.712% up from its trailing 24 hours low of $555.00 and 6.164% up from its trailing 24 hours high of $584.00.
Lumber’s last week, last month’s, and last quarter’s current volatility was a positive 4.53%, a negative 0.94%, and a positive 5.45%, 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 5.46% (last week), 4.32% (last month), and 5.45% (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).
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