Lumber Futures Rise As China Imports More (CUT)
Get Alerts WY Hot Sheet
Price: $35.91 -0.06%
Overall Analyst Rating:
NEUTRAL ( Up)
Dividend Yield: 2.3%
Revenue Growth %: +0.5%
Overall Analyst Rating:
NEUTRAL ( Up)
Dividend Yield: 2.3%
Revenue Growth %: +0.5%
Join SI Premium – FREE
Lumber futures bucked the downward trend in commodities today, rising 3.6 percent. The price of lumber moved on news out of China's customs agency that the department imported 5.1 percent more in total lumber in the first quarter of 2012 vs. the same quarter in 2011.
"Decreasing inventories brings in a good sign for importers who are starting to place new orders with the prospects of better sales later in May, said Jane Guo, Manager of the China Bulletin in Beijing. "On the other hand, however, Chinese importers are still very cautious of the coming months in the market, so it is expected that the market recovery is still uncertain."
Despite the rise in lumber prices, shares of Weyerhaeuser Co. (NYSE: WY) and other lumber companies were down today.
Guggenheim Timber (NYSE: CUT), an ETF which tracks stocks from the universe of global timber companies, is down 0.85 percent today.
"Decreasing inventories brings in a good sign for importers who are starting to place new orders with the prospects of better sales later in May, said Jane Guo, Manager of the China Bulletin in Beijing. "On the other hand, however, Chinese importers are still very cautious of the coming months in the market, so it is expected that the market recovery is still uncertain."
Despite the rise in lumber prices, shares of Weyerhaeuser Co. (NYSE: WY) and other lumber companies were down today.
Guggenheim Timber (NYSE: CUT), an ETF which tracks stocks from the universe of global timber companies, is down 0.85 percent today.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Natural Gas Inventory -36 bcf vs -28 bcf Expected
- Enbridge (ENB) and WhiteWater (MPLX) to Merge Whistler Pipeline and Rio Bravo Pipeline
- Oil settles lower as markets weigh Russian supply woes
Create E-mail Alert Related Categories
Commodities, ETFsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!