Producers of metals and other raw materials have intensified as the rise in sawnwood prices gained momentum.
The US housing boom, infrastructure plans, and forest resilience initiatives have led to wood shortages and spurred lumber futures to record heights. On Monday, US timber futures rose 5% to $ 1,577 per thousand feet, about five times their value at the height of the pandemic last year.
Timber giant Weyerhaeuser surged to near all-time highs. Other building materials will also rise in price. Copper futures hit an all-time high in New York trading last week and remain within 5% of those highs.
Lawmakers and administration officials said Sunday they expect negotiations on the infrastructure package to begin this week as Republicans and President Biden work to see if a bipartisan deal is reached.
Gold futures rallied as the fall in the relative value of the dollar boosted demand for the precious metal.
Plastic bottle recycling company CarbonLite Holdings received a $ 96 million bid to buy some of its assets in bankruptcy, including equipment, inventory and business contracts, according to court documents.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires