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CHICAGO — Lumber rose the maximum allowed by the Chicago Mercantile Exchange after a government report showed a jump in U.S. home resales, signaling a possible end to a housing slump that eroded demand for building materials.
Lumber futures for July delivery rose the exchange limit of $10, 5.7 percent, to $185.20 per 1,000 board feet on the CME. The price has climbed 34 percent since reaching $137.90 on Jan. 29, the lowest since at least 1986.
