CHICAGO, Oct 2 (Reuters) - Chicago Mercantile Exchange lumber futures finished the week slightly higher amid short covering that developed on talk of a slightly pick-up in cash lumber trade.
* Cash prices, however, were lower for the week and that kept a lid on futures.
* January/November spreading was evident most of the session but late November/January spreads supported November while pressing January.
* Concern continues that interest for lumber will remain slow despite some recent improvement in housing markets.
* November lumber closed up 60 cents at $172.30 per thousand board feet and January up 20 cents at $190.70.
* Random Lengths on Friday quoted cash spruce at $186 per tbf, down $1 from Wednesday and down $2 from last week.
* 'Hand-to-mouth purchasing remained prevalent as dealers operated with minimal inventories,' Random Lengths said.
* 'Traders looked for signs that the combination of low output and low inventories would feed a steadier pace to trading. However, most sensed ample supplies for the current levels of consumption,' they said.
* 'Producers resisted any deep cuts in prices, but most regularly opened to counters. Secondaries and retailers focused on covering needs with truckloads that would deliver promptly,' the reporting agency added.
(Reporting by Jerry Bieszk; Editing by Marguerita Choy)
((jerry.bieszk@thomsonreuters.com; 312-408-8725; Reuters Messaging: jerry.bieszk.reuters.com@reuters.net)) Keywords: MARKETS LUMBER CME (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Cash prices, however, were lower for the week and that kept a lid on futures.
* January/November spreading was evident most of the session but late November/January spreads supported November while pressing January.
* Concern continues that interest for lumber will remain slow despite some recent improvement in housing markets.
* November lumber closed up 60 cents at $172.30 per thousand board feet and January up 20 cents at $190.70.
* Random Lengths on Friday quoted cash spruce at $186 per tbf, down $1 from Wednesday and down $2 from last week.
* 'Hand-to-mouth purchasing remained prevalent as dealers operated with minimal inventories,' Random Lengths said.
* 'Traders looked for signs that the combination of low output and low inventories would feed a steadier pace to trading. However, most sensed ample supplies for the current levels of consumption,' they said.
* 'Producers resisted any deep cuts in prices, but most regularly opened to counters. Secondaries and retailers focused on covering needs with truckloads that would deliver promptly,' the reporting agency added.
(Reporting by Jerry Bieszk; Editing by Marguerita Choy)
((jerry.bieszk@thomsonreuters.com; 312-408-8725; Reuters Messaging: jerry.bieszk.reuters.com@reuters.net)) Keywords: MARKETS LUMBER CME (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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