Prices for the wood have hit a record high after demand surged as homeworking as a result of Covid-19 spurred a wave of renovation projects, from fences to sheds, at a time when inventories were running low. Lumber prices have soared 104 per cent this year — almost four times gold’s percentage increase — to $828 per thousand board feet. …“This is the most violent, steepest and overbought rally in lumber’s history,” said Robin Cross, at StoneX. …“Many people staying at home decided to do new renovations, whether it was to build decks or a new room,” said Chris McIver, VP of sales at West Fraser. European and Russian producers are selling into North America to profit from elevated prices, while Canadian producers are funnelling more lumber to the US instead of Asia. The lumber rally has gone so far that it threatens to impede the recovery of the US housing market.