Softwood lumber exports from B.C. to China this year are on pace to surpass the high water mark established in 2011 (CA$1.1 billion or US $1.07 billion). WantChinaTimes.com reports here that B.C. softwood lumber exports to China through Q3 were CA$760 million (US$735.8 million), a 27% increase over the same period last year. Perhaps more surprisingly, it’s reported that B.C. holds a 53% share of the entire softwood lumber market in China. That impressive stat confirmed by Steve Thomson, B.C. minister of Forests, who was interviewed at the airport Wednesday prior to embarking on the latest provincial trade mission to China and Japan. Added Thomson: “We’re not going to see the continued exponential growth that we’ve had in building the market, but we feel there’s great opportunity particularly in mid-rise, residential construction to build value for the industry. I think the market is going to continue to grow. China is still on a very significant urbanization, so we’re going to continue to see growth in the market there.”
- “Why is futures up limit?” With reports of at least one wholesaler filling his shorts yesterday, that was the question, after traders awoke to their screens locked green. Sleepy cash markets caught fire. “In this low Open Interest, illiquid environment, you can sneeze and it’s up and away,” explained Jamie Greenough, Commodity Futures Representative at Global Securities Corp. “Someone looking to sell 100 contracts might just as quickly take things down limit.”
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