04.02.10
KANSAS Town, Feb 04, 2010 (Dow Jones Commodities News via Comtex) --
Chicago Market Exchange lumber futures prices Thursday set new corrugate highs in March, May, July and September in pit and in Globex markets as legal tender markets continued to advance.
The March contract settled limit up at $10.00 per 1,000 plank feet higher at $279.00, for a 3.72% gain. The May acquire settled $8.20, or 2.90%, higher at $291.20. July was up $9.20, or 3.22%, at $295.20.
Most of the gains came tardy in the afternoon Wednesday when the Globex market reopened after being closed for an hour to healthful the books. The opening of pit trading Thursday morning simply reflected what was already happening in the Globex market.
Sellers were liquidating wish positions and hedging cash inventory, market consultants said.
Trading in the Globex peddle was very active, but activity in the pit was fairly light, analysts said.
In the moolah market, mills were able to book product and then increase prices, traders said. Bookings now are out to the first week of Walk, a length not seen in many years, they said.
Source: Trading Markets (press release)