(Bloomberg) September lumber futures plunged by up to 4.4% to a price of $482.90 per thousand board feet, a record low since October 30.
At $482.90 per thousand board feet price, lumber is now more than 70% from its May record high.
The fall in lumber prices reflects declining demand as building stabilized amid increased production by sawmills.
Demand for lumber surged during the pandemic as homebuilding increased, pushing prices to record highs.
LBS1! is down -3.35%.
