North American lumber market extends losses as high rates curb construction

Lumber prices fell for a fourth straight month in November, pressured by weak demand from the housing and construction sectors as high interest rates continue to curb building activity. Benchmark futures traded near $540 per 1,000 board feet on Nov. 21, down almost 10% from a month earlier. Industry data show an 11% decline in key North American price indicators between mid-October and mid-November. Prices have retreated sharply from the near three-year high of about $695 in early August, slipping to around $525 by September and failing to recover since. The sector briefly saw ...