Lumber futures rallied on Tuesday, hitting price limit moves on the Chicago Mercantile Exchange for a second session in a row, finding support as wood product makers cut output to offset losses in demand as the COVID-19 pandemic hits the construction market.
“Producers are all rolling out their COVID-19 responses with production curtailments in the last week or so helping to limit the recent collapse in pricing,” said Greg Kuta, an analyst and president of Westline Capital Strategies.