A better-than-expected housing report for the month of May set up a very strong day of activity and sales in the eastern spruce lumber market yesterday. Housing starts, completions and new permits were all much higher than expectations. The news brought buyers to the market. Demand was very strong over a large area of the country and on a wide variety of items. Buyers paid particular attention to perceived deals from many sources and ran with them, selling them quickly. Mill participation was noticeable, bolstering the volume of orders for the day and exceeding Monday’s tally.
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