Lumber and copper prices will continue to descend

(From Business Insider) Lumber prices have fallen more than 42% since May's record high of over $1,700 per thousand board feet, although they remain more than 150% higher for the year. Copper has also fallen sharply, dropping roughly 10% from May's high of around $10,750 per ton.
This means that if a 4x4 board costs now $18, it used to be $7.5 last spring.

What is the reason for the prices to reach all-time high of almost $1,700 per thousand board feet hit on May 7th, or $239% more than what it was last spring?

Ole Hansen, head of commodities at the Danish bank and a leading authority in the field, said a number of factors meant both lumber and copper likely have further to drop.

"Something like lumber has been very much a pandemic-driven spike," he told Insider. He said a lack of mill capacity and "people going crazy in their backyards, redoing their houses or buying a bigger house" had caused prices to soar.