CHICAGO, Oct 9 (Reuters) - Lumber futures on the Chicago Mercantile Exchange continued to move lower on Friday, following the weak cash market, with November finishing the week down 5.3 percent and January posting a contract low.
* Traders cited reports that mills continued to lower cash spruce prices as they looked for improved business.
* The continued lack of a strong housing market has kept pressure on cash lumber markets.
* November lumber closed off $1.20 at $163.60 per thousand board feet, a record low close and only slightly above Wednesday's contract low. January was off $1.00 at $183, after setting a contract low at $181.60 per tbf.
* Traders said some cash spruce was trading under the $170 per thousand board feet level.
* Random Lengths on Friday quoted cash spruce at $177 per tbf, down $3 from Wednesday and down $9 from a week ago.
* 'Both production and demand hovered at anemic levels,' Random Lengths said. 'Traders' attitudes grew more bearish as competition for the available business pulled prices lower.'
* 'Mills with little to sell stuck to their lists or priced defensively. Others lowered quotes or solicited counters to keep production moved off,' they said.
* 'Frustrated by unsuccessful earlier attempts to make something happen, office wholesalers steered clear of speculative positions on either side of the market,' the reporting agency added.
(Reporting by Jerry Bieszk; Editing by Walter Bagley)
((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.
* Traders cited reports that mills continued to lower cash spruce prices as they looked for improved business.
* The continued lack of a strong housing market has kept pressure on cash lumber markets.
* November lumber closed off $1.20 at $163.60 per thousand board feet, a record low close and only slightly above Wednesday's contract low. January was off $1.00 at $183, after setting a contract low at $181.60 per tbf.
* Traders said some cash spruce was trading under the $170 per thousand board feet level.
* Random Lengths on Friday quoted cash spruce at $177 per tbf, down $3 from Wednesday and down $9 from a week ago.
* 'Both production and demand hovered at anemic levels,' Random Lengths said. 'Traders' attitudes grew more bearish as competition for the available business pulled prices lower.'
* 'Mills with little to sell stuck to their lists or priced defensively. Others lowered quotes or solicited counters to keep production moved off,' they said.
* 'Frustrated by unsuccessful earlier attempts to make something happen, office wholesalers steered clear of speculative positions on either side of the market,' the reporting agency added.
(Reporting by Jerry Bieszk; Editing by Walter Bagley)
((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.
© 2009 AFX News
