Industrial product prices fell 1.4% M/M in June, sinking 100 bps more than expected…

… on the back of a 9% decline in energy product prices, which we called out last month as the obvious byproduct of a ceasefire in Iran…

… given the impact on crude products, which fell nearly 14% sequentially. With a peace deal looking unlikely now, the category should be less of a drag in July - revealing strength in other areas like lumber…

… which posted its sixth straight increase and should continue, with prices up 7% MTD as wildfires impact mill operations.

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