Lumber prices stabilized around the $550 per thousand feet benchmark amid prospects of increased supply and subdued demand. The latest data from top producer Canada showed that lumber production edged down by 0.1% month-over-month in November but rose by 2.4% on an annual basis, indicating a resilient upward trend in the sector over the longer term. Additionally, Canadian sawmills shipped 4,271.3 thousand cubic meters of lumber in November, representing a 1.3% decrease from October but a 7.9% increase from November 2022. On the monetary policy front, the Federal Reserve is expected to maintain interest rates at current levels at least until June, as policymakers weigh signs of weakening consumer spending against still-high inflation and a strong labor market.
