Published on Tuesday Nov 16 2010
The spot uranium price continued its climb upward for the second consecutive week, but failed to break through
the US$60.00P/Lb. price barrier.
Additionally, the pace slowed with TradeTech’s Uranium Spot Price Indicator moving higher by $1.75 to $59.25 per pound U3O8, as compared to the $5.50 and $4.00 per pound increases posted in recent weeks.
A total of six transactions were concluded this week, with traders and financial entities purchasing the bulk of the material sold.
China and its appetite for uranium supply continues to attract attention from market participants and the investment community, with the announcement today that China Guangdong Nuclear Power Group signed a contract with Kazakhstan’s Kazatomprom.
Delivery timing continues to be a significant factor in the spot market. Near-term uranium supplies for delivery by year-end are extremely thin, and the emergence of significant mid- and long-term demand, combined with buyers competing to purchase material, continues to exert upward pressure on prices.
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