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Lumber plunges to lowest price since December on slack demand

from Bloomberg Businessweek

Lumber futures plunged to the lowest price since December, dropping the maximum allowed by the Chicago Mercantile Exchange, on speculation that home builders and paper makers are holding back on purchases. Prices on the CME are down 33 percent since reaching a four-year high on April 21, as demand evaporated. So few orders emerged today that buyers seeking immediate delivery of wood were unable to rely on published prices to complete transactions, said Jamie Greenough, a broker at Global Securities Corp. more

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