Lumber Prices Spike in Aftermath of Japanese Tsunami
The Chicago Mercantile Exchange reported pricing on May lumber futures rose 0.7 percent to $311.10 per 1,000 board feet. The reason? Japan is a leading market for hardwood lumber exports, and reconstruction of the many damaged structures will increase global demand significantly and likely impact U.S. domestic pricing as well. According to official figures, 80,422 houses in the impacted areas houses have been damaged, and 4,798 houses were destroyed. To read more about the impact of the tsunami on global lumber prices, please click here.
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