Trading became very competitive in the eastern spruce lumber market yesterday. Traders tried outbidding each other, vying for orders in situations where clients were in the market to buy. Often, quoted prices were less than what the mills were asking, setting up a short sale situation. Whether right or wrong, clients benefitted with the cheaper numbers although the activity had some clients backing away from the market, holding off potential purchases for another day. Any desire to buy seemed to quickly dissipate.
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