CHICAGO, Oct 13 (Reuters) - Chicago Mercantile Exchange lumber futures continued their run to five-month highs with November up the $10 daily limit early Wednesday, a 4 percent rise, amid strong cash and reports of further China business.
Cash spruce prices ran up this week amid improved demand and reports of wood orders from China.
Random Lengths put the midweek cash spruce price at $250 per thousand board feet, up $17 from last week, as activity picked up after a slow holiday start on Monday and grew when China was cited.
'Action accelerated Tuesday in most regions, particularly in Western S-P-F (spruce-pine-fir), which was spurred by orders from China,' Random Lengths said in their midweek report. 'Secondaries replenished bare-bones inventories and covered any shorts they held.'
At 9:42 a.m. CDT (1442 GMT) November lumber was up $7.30 at $251.30 after trading up the $10 limit at $254 per thousand board feet and January was up $3.10 at $271 per tbf.
November rose to a near five-month high and rose 20.2 percent since its recent low on October 4. January also rose to a near five-month high.
(Reporting by Jerry Bieszk; Editing by John Picinich)
((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 ran up this week amid improved demand and reports of wood orders from China.
Random Lengths put the midweek cash spruce price at $250 per thousand board feet, up $17 from last week, as activity picked up after a slow holiday start on Monday and grew when China was cited.
'Action accelerated Tuesday in most regions, particularly in Western S-P-F (spruce-pine-fir), which was spurred by orders from China,' Random Lengths said in their midweek report. 'Secondaries replenished bare-bones inventories and covered any shorts they held.'
At 9:42 a.m. CDT (1442 GMT) November lumber was up $7.30 at $251.30 after trading up the $10 limit at $254 per thousand board feet and January was up $3.10 at $271 per tbf.
November rose to a near five-month high and rose 20.2 percent since its recent low on October 4. January also rose to a near five-month high.
(Reporting by Jerry Bieszk; Editing by John Picinich)
((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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