Lumber Prices Up Slightly Today
Lumber Futures-- Lumber futures today in Chicago traded very quietly up 100 40 points in the July contract currently trading at 288.00 per board foot continuing to stick right near contract highs with low volatility impressing traders with its resiliency to selloff with many of the other commodities. Yesterday's housing starts number was solid prompting lumber prices up in the last couple of trading sessions; however a breakthrough of 295 which is the contract high is the next major resistance which will need to be broken to resume the bull market and uptrend. In my opinion I am still negative lumber prices due to the fact that I think the economy is not doing as well as being reported also I think the housing market is still in trouble and could even head lower this year. I still don't understand personally why somebody would buyer a brand-new home and get no rebate on price when you can buy a home that was built five years ago and get a tremendous rebate in price. And that is what happened to lumber prices that demand has slowed down to that fact that we have a large inventory of homes that still needs to be sold, but sometimes you are wrong and prices have been going up despite all of the negative news. . If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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