After a jaw-dropping rally this spring, lumber prices have come back down to earth as supply increased, speculative trading action cooled and homebuilding demand eased.
Lumber futures fell 42% in June alone, on pace for their worst month on record back to 1978. The building commodity is down more than 13% in 2021, headed for the first negative first half since 2015.
At its peak on May 7, lumber prices hit an all-time high of $1,670.50 per thousand board feet on a closing basis, which was more than six times higher than its pandemic low in April 2020.
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