Lumber Headlines (FYI)
Note: at this point, it is unclear whether Paula will affect Florida next week. But if it regenerates and heads that way, it could cause some pretty good flooding.
Oct 12, 2010 (Dow Jones Commodities News via Comtex) -- 1046 EDT [Dow Jones] - CME lumber futures prices Tuesday moved up the daily limit of $10.00 per 1,000 board feet on a combination of news that China bought wood Monday and a series of chart-related buying points, called buy-stops, that were triggered as prices moved higher. It was not clear initially if China bought more lumber overnight, but China's mere presence in the depressed lumber market can spur some speculative buying in futures, traders said. Getting above the 200-day moving average in the Nov contract helped incite further buying interest as well. As of 10:50 a.m. EDT, the Nov contract was up $10.00, or 4.27%, in the Globex market at $244.00 while Jan was $9.70, or 3.76%, higher at $267.60, and Mar was $10.00, or 3.71%, higher at $279.50. (LWA)
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Out for the remainder of the day.
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