Lumber heads for best rally in 24 years on mill curtailments [Business News Network (BNN) Energy & Resources (Canada)]
NORBORD INC (OSB)
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Source: Business News Network
Lumber heads for best rally in 24 years on mill curtailments Lumber futures are one pace for their biggest weekly gain since 1995 as Canadian mill curtailments are finally bringing into sight the end of overproduction that boosted building-company profit. Vancouver-based Canfor Corp. this week announced it was “significantly” curtailing production capacity in British Columbia. That came after the company said earlier this month it would permanently close its Vavenby mill in the province. Norbord Inc. also said it was curbing some output, joining previously announced cuts from companies including Western Forest Products Inc. and West Fraser Timber Co. “This is a good sign,” Joshua Zaret, a senior analyst with Bloomberg Intelligence, said in a telephone interview. “When you start to see capacity closures, it means you’re probably not that far away from the bottom of the pricing cycle.” Lumber jumped by as much as the exchange maximum of US$19, or 5.4 per cent, to US$373.80 per 1,000 boa
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