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Despite a mild pullback in lumber futures today, spot market prices remain firm, supported by strong renovation demand in suburban housing projects. Looking into the future, the Navy Yard will also be a part of the continuing beautification and development of the surrounding community, Higgins added. Southern Yellow Pine (SYP) is a species of softwood lumber that shares many characteristics with other Western species of lumber that have traditionally dominated the lumber market, but the market has some key unique features. Lumber futures today signal potential short-term consolidation, with open interest rising 4%, indicating fund managers are positioning ahead of May housing completions data.
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