CHICAGO, Oct 8 (Reuters) - Chicago Mercantile Exchange lumber futures closed mostly lower on Thursday, expect for January which closed up slightly after setting a contract low for the second consecutive day.
* The continued lack of a strong housing market has kept pressure on cash lumber markets and in turn futures.
* Leading economist Nouriel Roubini said on Thursday that U.S. housing prices may still fall more than 10 percent as demand from first-time home buyers fades and massive losses in commercial real estate loans force banks to raise more capital.
* Expectations are that the next cash spruce quote will be lower as the building industry shows caution.
* Traders said some cash was trading in the $170 to $174 per thousand board feet area.
Random Lengths on Wednesday quoted cash spruce at $180 per tbf, down $6 from Friday and down $7 from a week ago. Random Lengths will update that price on Friday.
* November lumber closed off $3.10 at $164.80 per tbf and January was up 10 cents at $184.00 after setting a contract low at $182.90 per tbf early.
* Democrats are weighing whether to extend the $8,000 tax credit for all first-time homebuyers, but they face opposition from Republicans who say existing measures have added massively to the U.S. budget deficit and done little to jump-start growth.
(Reporting by Jerry Bieszk; Editing by David Gregorio)
((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.
* The continued lack of a strong housing market has kept pressure on cash lumber markets and in turn futures.
* Leading economist Nouriel Roubini said on Thursday that U.S. housing prices may still fall more than 10 percent as demand from first-time home buyers fades and massive losses in commercial real estate loans force banks to raise more capital.
* Expectations are that the next cash spruce quote will be lower as the building industry shows caution.
* Traders said some cash was trading in the $170 to $174 per thousand board feet area.
Random Lengths on Wednesday quoted cash spruce at $180 per tbf, down $6 from Friday and down $7 from a week ago. Random Lengths will update that price on Friday.
* November lumber closed off $3.10 at $164.80 per tbf and January was up 10 cents at $184.00 after setting a contract low at $182.90 per tbf early.
* Democrats are weighing whether to extend the $8,000 tax credit for all first-time homebuyers, but they face opposition from Republicans who say existing measures have added massively to the U.S. budget deficit and done little to jump-start growth.
(Reporting by Jerry Bieszk; Editing by David Gregorio)
((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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