Daily Management Review

Forest fires in Canada raised prices for wood


07/19/2017


World prices for wood are growing because of forest fires in the Canadian province of British Columbia, which is the world's largest supplier of softwood, The Vancouver Sun newspaper writes.



Lotus R via flickr
Lotus R via flickr
There were more than 375 forest fires in British Columbia this year. Over 37 thousand inhabitants of the province are forced to leave their homes. Sawmills and mines in the province are closed, their employees have been evacuated. Imperial Metals Corp. and Taseko Mines Ltd. suspended work of copper mines in the region.

On Monday, wood futures rose in Chicago by $ 10, value of the September contract rose to a maximum of May 8, the value of $ 387.30 per thousand board feet (a measure of the volume of a parallelepiped with sides 1 foot per 1 foot 1 inch; 1 thousand BF is 2.36 cubic meters), reports Bloomberg.

In turn, RBC Capital notes that the impact of fires on the supply of timber is still minimal, but the situation may worsen. According to BMO Capital Markets, wood can rise in price by 6-8% in the next couple of weeks due to a reduction in supply.

source: bloomberg.com






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