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CME INCREASES DAILY PRICE LIMITS ON LUMBER CONTRACT

 CHICAGO, Feb. 3 /PRNewswire/ -- In consideration of the current situation in the lumber cash and futures markets, the Chicago Mercantile Exchange's (CME) Business Conduct Committee, Agricultural Division, today approved expanding the daily price limits for the Random Length Lumber Futures Contract.
 Under the terms of the rule revision, the daily price limits beginning Thursday, Feb. 4, will be expanded to $10 per thousand board feet.
 The rule provides that, after two consecutive days of trading at the regular price limit of $5 per thousand board feet, the price limit will be raised to $10 for all contract months for the next two business days. Thereafter, if two or more contract months close at the $10 limit price on the second business day, a new limit of $15 per thousand board feet will be implemented. If the market is not limited at a $10 move on the second day, the limit will reverts back to $5.
 In the event a $15 limit applies, it will remain in effect until there is no longer a daily limit move, at which time the limit will revert to the $10
level. By allowing the limits to telescope'' gradually in or out, the rule will be adaptable to a wide range of market conditions.
 -0- 2/3/93
 /CONTACT: Andrew Yemma, 312-930-3434, for Chicago Mercantile Exchange/


CO: Chicago Mercantile Exchange ST: Illinois IN: PAP SU:

TM -- NY098 -- 2663 02/03/93 18:41 EST
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Publication:PR Newswire
Date:Feb 3, 1993
Words:239
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