US lumber futures fell back toward $590 per thousand board feet on Thursday, retreating from a three-month high of $614.5 reached on January 20, as weaker US housing indicators and fading restocking demand weighed on prices. The pullback followed a sharp deterioration in housing market sentiment. Pending home sales dropped 9.3% month on month in December, the steepest decline since April 2020, pointing to softer transaction activity and dampening expectations for near-term construction demand ahead of the spring building season. Momentum from earlier restocking also showed signs of exhaustion. Market participants said distributors reduced ...
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