U.S. lumber prices jump to near three-month highs on firmer demand and supply pressure

U.S. lumber prices rose sharply this week, with futures climbing above $600 per thousand board feet, the highest level in nearly three months, as improving demand expectations coincided with a tightening North American supply environment. Market sentiment has been supported by a drop in borrowing costs. Thirty-year U.S. mortgage rates fell to 6.06% on January 15, the lowest level in more than three years, helping to lift home purchase and refinancing activity. The easing in financing conditions has encouraged builders and distributors to begin restocking ahead of the spring construction season, reinforcing near-term demand ...