Tuesday, July 27

lumber prices

carbon offset markets, carbon offsets, ESG, Jamie Dimon, JPMorgan, JPMorgan earnings, lumber prices, Markets, MI Exclusive, Timber

JPMorgan CEO Jamie Dimon says timber will be great business for the bank, after it bought a lumber firm during the market boom

JPMorgan CEO Jamie Dimon spoke to analysts after the bank posted strong earnings. Scott Olson/Getty Images JPMorgan CEO Jamie Dimon has said the timber business is going to be a "great thing" for the Wall Street giant, after the company snapped up a lumber investment firm during a boom in the market.Speaking about the purchase of lumber asset manager Campbell Global after the bank's strong earnings on Tuesday, Dimon said: "Timber assets is going to be a great thing for asset management."JPMorgan snapped up Campbell at the end of June. The Oregon-based company has around $5.6 billion of assets under management and specialises in global timberland investment.The purchase came after a huge rally in lumber prices that attracted hedge funds and other investors into the previously unre...
Home Improvement, inflation, Lumber, lumber outlook, lumber prices, Markets, MI Exclusive, reopening

Lumber prices have turned negative for the year after red-hot rally as the home improvement boom cools

Lumber prices soared up until May, when they started to tumble. Josef Mohyla/Getty Images Lumber prices have dropped into negative territory for the year after two months of dramatic falls, as the home improvement boom cools and producers increase supply to meet demand.On Monday lumber futures for September delivery fell 5.6% to $712.90 per thousand board feet, Bloomberg data showed. The fall took prices 0.6% below where they started the year.Lumber soared in the first few months of 2021 as Americans stuck at home due to the pandemic renovated their houses and a booming property market added to demand. Prices peaked at more than $1,730 per thousand board feet in May as suppliers struggled to keep up.The rocketing price of lumber captured the attention of the market as a sign of t...
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....
building materials, Commodity Prices, Lumber, lumber prices, Markets, MI Exclusive

Lumber prices just dropped for an 8th straight week-and they’re down more than 50% from highs as record-setting demand slows

Justin Sullivan/Getty Images Lumber prices on Friday marked eight consecutive weeks of losses. Prices for the key building material have slumped 56% from their peak set in early May. Lumber prices have pulled back on signs of easing inventory shortages and some demand softening. See more stories on Insider's business page. Lumber prices extended a string of losses last week, leaving prices for the key building material slashed by more than half from their peak on a mix of factors including easing shortages. Lumber prices fell for an eighth straight week as they lost roughly 5%. The weekly decline was spared from a deeper contraction, however, as prices on Friday picked up about 1% to trade at $741 per thousand board feet.But the weekly performance highlighted persistent weakne...
Andrew Bailey, Bank of England, Commodities, Economy, inflation, Inflation debate, Lumber, Lumber futures, lumber prices, Markets, MI Exclusive

Tumbling lumber prices are a sign that strong inflation will be temporary, Bank of England boss says

Lumber prices plummeted in June. Carolyn Cole/Getty Images The plunge in lumber prices is a sign strong inflation should fade, the Bank of England's governor said. Andrew Bailey is among the central bankers to argue that inflationary pressures should be temporary. Lumber prices soared but then tumbled 45% in June as sawmills upped production and demand slipped. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The dramatic fall in lumber prices in the last month is a sign that strong inflation will be temporary, the governor of the Bank of England said on Thursday.Lumber futures soared in the first few months of the year before dropping more than 40% in June. Prices peaked at more than $1,670 per thousand board feet of lumber in early May, but have since p...
Economy, Home Depot, Home Improvement, Lowe's earnings, lumber prices, Retail, supply chain crisis

It’s not just housing shortages. A lumber CEO says a boom in DIY projects is also driving up demand for the building material.

Weyerhaeuser CEO Devin Stockfish said home-improvement projects are a key driver of lumber prices. Lumber prices have fallen from May's record highs, but experts say they will stay elevated for several years. A truck-driver shortage is also threatening to push prices even higher. See more stories on Insider's business page. The CEO of Weyerhaeuser, one of the world's largest private owners of timberland, said the housing boom is not the only reason lumber prices are soaring — a surge in home-improvement projects is also driving the market.While lumber prices have fallen back from May's record high of $1,700 per thousand board feet,...
Lumber, Lumber futures, lumber market, lumber outlook, lumber price bottom, lumber price forecast, lumber prices, lumber spot price, Markets, MI Exclusive, stinson dean

Lumber prices have bottomed out, but are likely to stay double the historical average for at least the next 5 years, a lumber trader says

Getty Lumber has probably found a bottom at current levels, but prices will remain over double the average for the next few years, Stinson Dean told Insider. The Deacon Trading founder expects lumber to trade above $1,000 for potentially the next three to five years. He added that the current state of the lumber futures curve confirms that lumber prices have bottomed. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Lumber price have probably found a bottom at current levels, but will remain higher than average for the next few years, a lumber trader told Insider.Stinson Dean, CEO and founder of Deacon Trading, expects lumber to trade above $1000 for potentially the next three to five years. The historical average is around $400, he said."My argument i...