Scotiabank sees lumber as lucrative
Apr. 29, 2014, Toronto - After a strong start to 2014, Scotiabank's Commodity Price Index slipped by 1.6% month-over-month (m/m) in March, but stayed 2.3% above a year earlier. The Forest Products Index inched ahead in March at 0.6% m/m and 3.7% below last year.
"Despite the recent impact of unfavourable weather on building activity, we believe the multiple-year recovery in U.S. housing starts will remain intact, lifting lumber prices to quite lucrative levels in 2014-15," says the report.