(VIANEWS) – The U.S. Homebuilders Association is urging the Biden Administration to temporarily remove tariffs from Canada and China to reduce supply-chain bottlenecks that have been affecting housing affordability.

The NAHB requests are based on a volatile lumber market, where prices have quadrupled in the last year and reached a record-breaking high in May. Prices then began to cool. Although prices have fallen by 60% since the peak of this year, they are still higher than historical averages.

In the meantime, for example, lumber (LBS) is currently on bearish momentum. At 12:05 EST on Thursday, 21 October, Lumber (LBS) is at $665.00 and 1.67% down since the last session’s close.

Lumber Futures Volatility

Lumber’s last week, last month’s, and last quarter’s current volatility was a negative 3.97%, a positive 1.01%, and a positive 4.36%, 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 3.97% (last week), 3.34% (last month), and 4.36% (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 overbought (>=80).

More news about Lumber (LBS).

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