Reports on softwood lumber encouraging, offer hope of a deal: CIBC analyst
WASHINGTON — The latest news on softwood lumber is being greeted as an encouraging sign by one analyst, who points to several developments that increase hope of a deal between Canada and the United States.
That sense of optimism is being expressed by Hamir Patel, the director of paper and forest products research at CIBC Capital Markets, who points to three recent signs: Comments from Prime Minister Justin Trudeau, comments by B.C. Premier John Horgan, and a report by The Canadian Press on what’s holding up a deal.
“We have been encouraged by signs of further progress,” Patel said in a newsletter.
He referenced the CP report, which quoted the Canadian ambassador to Washington describing the state of affairs. Ambassador David MacNaughton said the countries’ governments had agreed to a roughly 30 per cent cap on Canadians’ share of the U.S. softwood market.