(VIANEWS) – Home renovations that you can do yourself are expected to reclaim popularity in the near future, which is great news for lumber businesses.
Bloomberg Quint reported wood prices have been swinging wildly as a seemingly endless demand for home renovations drove lumber prices to new record heights. However, prices crashed after consumers realized the increase and were hit with sticker shock.
As economies recover, consumers are now spending more money on things like dining out or travel. Although this has hurt lumber demand, producers say it will not last forever. Stores will have to replenish their stocks when cold weather returns in the Northern Hemisphere’s fall, and customers are likely to go back to home to complete projects that require lower prices.
Lumber (LBS) is currently on bearish momentum. At 11:06 EST on Friday, 30 July, Lumber (LBS) is at $605.30 and 2.67% down since the last session’s close.
Today’s last reported volume for Lumber is 62, 100% below its average volume of 40913858357.57.
Concerning Lumber’s daily highs and lows, it’s 2.074% up from its trailing 24 hours low of $593.00 and 5.422% down from its trailing 24 hours high of $640.00.
Lumber’s last week, last month’s, and last quarter’s current volatility was a negative 1.75%, a positive 0.09%, and a positive 5.65%, 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 4.00% (last week), 4.56% (last month), and 5.65% (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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