Market reports show lumber futures prices at $555, with the rally fueled by strong Midwest home construction activity. Analysts warn of potential pullbacks if mortgage rates climb above 7%, affecting builder demand. In the UK, politics is the order of the day, with prime minister Keir Starmer due to address the Labour Party conference at 2pm. There are unlikely to be many new economic easter eggs ahead of chancellor Rachel Reeves' budget due on 26 November, but the leader has faced increasing scrutiny in recent months amid some key resignations in his top team. But those bets have failed to pay off — and lumber prices have tallied a steep decline from a record high reached only three weeks ago. Lumber futures prices advanced 2% to $560 following better-than-expected NAHB homebuilder survey results. Futures traders see the next resistance at $575, aligning with bullish RSI momentum on weekly charts.
