Canadian Floods Curb Shipments Caused Lumber Prices Rebound

According to Business Journal, lumber prices are poised to return to highs last seen in June after heavy rains and flooding in Canada's westernmost province closed roads and caused the world's biggest producer to curb shipments.

Lumber futures rose as much as 3.8 percent in Chicago on Tuesday to $824.50 per 1,000 board feet, on pace for the highest settlement price since June 24, according to data compiled by Bloomberg. Prices have climbed for the past two days, extending gains after West Fraser Timber Co. Ltd. said its western Canadian lumber weekly shipments plunged about 25 percent to 30 percent in the second half of the month following severe flooding in British Columbia.

West Fraser Timber's stock fell 3.4 percent to C$103.10 at 11:54 a.m. trading on the Toronto Stock Exchange. Shares of western Canadian rivals also declined, with Canfor Corp. falling 2.9 percent and Interfor Corp. slipping 2.3 percent.

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