Saturday, July 31

DIY spending

building materials, Commodity Prices, construction materials, DIY spending, economic activity, Home Improvements, Lumber futures, lumber prices, Markets, MI Exclusive

Lumber prices just dropped for a 9th straight week amid slowing DIY spending

Shannon Stapleton/Reuters Lumber prices notch their ninth consecutive weekly loss after a brief resurgence earlier in the week. The price of the key building material has slid about 60% from its peak in early May. A shift in spending away from DIY home projects is impacting the market, says Bank of America. See more stories on Insider's business page. Prices for lumber suffered another weekly loss and descended to levels not seen in roughly six months as the market contends with signs of softening demand and easing shortages. Lumber prices on Friday fell about 4% to trade at $689 per thousand board feet. That move brought lumber below $700 for the first time since mid-January. Lumber during the holiday-shortened week had pushed higher, stoking the possibility of finding relief....