CME Lumber futures fall as funds exit long positions
Rubber and Wood | 2011-11-30 04:03:38
Key chart support levels fell as prices dropped, sending prices down further through previously placed sell orders.
By Paul Ploumis
By Scrap Monster
CME lumber futures fell nearly 4% and hit 2 1/2-week lows as funds exited long positions, extending declines that began last week. Key chart support levels fell as prices dropped, sending prices down further through previously placed sell orders.
March fell daily limit of $10/1,000 board feet. Although lumber prices had already fallen sharply in overnight trading, disappointing home-price data for September in the S&P/Case-Shiller index released early today, showing lower prices in 17 of 20 cities surveyed, held prices down. Jan lumber fell $8.60/1,000 board feet, or 3.7%, to $223.00. Mar off 4% at $241.90. Cash prices $235-$240.
