CHICAGO, Oct 8 (Reuters) - Lumber futures rose the $10 per thousand board feet daily limit at the Chicago Mercantile Exchange early on Friday, nearly 4.5 percent, amid reports of some lumber being sold to China.
Cash spruce prices slipped this week, but interest for wood improved late in the week, traders said.
'Print came out $2 lower this morning, but there was some business being done to overseas markets at higher levels so it spooked the speculative shorts to cover,' said Robin Cross, broker with FC Stone. 'Reports are that lumber was sold to China.'
November rose to 1-1/2 week high and January set a one-week high on the rally.
At 10:30 a.m. CDT (1530 GMT) November lumber was up the $10 limit, or near 4.5 percent, at $233 per thousand board feet and January was up the limit, or 4.1 percent, at $253 per tbf.
Random Lengths on Friday quoted cash spruce at $233 per tbf, down $2 from Wednesday's quote and down $3 from last week.
But they noted that overseas sales continued to help fill out mill order files across the West and in Western Canada.
'Some domestic buyers were frustrated with the overseas business as it left them unable to find what they needed,' Random Lengths said.
(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 2010. 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 spruce prices slipped this week, but interest for wood improved late in the week, traders said.
'Print came out $2 lower this morning, but there was some business being done to overseas markets at higher levels so it spooked the speculative shorts to cover,' said Robin Cross, broker with FC Stone. 'Reports are that lumber was sold to China.'
November rose to 1-1/2 week high and January set a one-week high on the rally.
At 10:30 a.m. CDT (1530 GMT) November lumber was up the $10 limit, or near 4.5 percent, at $233 per thousand board feet and January was up the limit, or 4.1 percent, at $253 per tbf.
Random Lengths on Friday quoted cash spruce at $233 per tbf, down $2 from Wednesday's quote and down $3 from last week.
But they noted that overseas sales continued to help fill out mill order files across the West and in Western Canada.
'Some domestic buyers were frustrated with the overseas business as it left them unable to find what they needed,' Random Lengths said.
(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 2010. 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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