Commodity prices, as measured by our Materials Price Index (MPI), rose 0.4% last week supported by small gains in several major commodities groups. In comparison to previous weeks, price moves were lacklustre, a sign that the three-month rally in commodities may be ebbing.
Lumber prices steered the MPI higher last week rising 10.2%, adding to its impressive 118% post-sell-off bounce. Inventories continue to be scarce with some contractors in the US struggling to source lumber to keep work going on projects. Sawmills cut production early in 2020 anticipating a fall in building products demand, only