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By Canadian Press

Lumber Producers

Record high lumber prices boosting stock prices

Aug 19, 2020 | 2:24 PM

CALGARY – New record high prices for lumber and wood panel products are boosting stock prices for Canadian producers.

West Fraser Timber Co. Ltd., Interfor Corp., Canfor Corp., CanWel Building Materials Group Ltd. and Norbord Inc. all set new 52-week high share prices Wednesday morning in trading on the Toronto Stock Exchange.

Analysts quoting industry watcher Random Lengths report that western SPF (spruce-pine-fir) lumber prices rose 5.9 per cent or US$45 between last Friday and Tuesday to a new record of US$805 per thousand board feet.

A CIBC report notes that price is 23 per cent higher than the previous nominal record price of US$655 in early June 2018 and exceeds the all-time high in November 1996 of US$480 or US$775 in today’s dollars, after adjusting for inflation.

Meanwhile, oriented strand board, a type of wood panel used in construction, rose by US$15 to a range between US$605 and US$620 per thousand square feet over the same four days.

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RBC Capital Markets analyst Paul Quinn said in a report he is increasing target prices for nine forestry companies he covers, with the biggest jumps of $8 per share to $85 for West Fraser and $7 per share to $57 per share for Norbord.

(TSX:CFP, TSX:WFT, TSX:IFP, TSX:CWX, TSX:OSB)