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November 1, 2012

Price of lumber higher on storm's devastation

AP Business Writer

The price of lumber rose 3.2 percent Wednesday as residents of the Northeast evaluated the devastation caused by Superstorm Sandy.

Lumber for January delivery increased $10 to end at $331.20 per 1,000 board feet on expectations that demand will pick up because of the need to repair or rebuild houses and other structures. The process could take months.

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