Saturday, November 15, 2014

Uranium spot price back over $40 per pound


TradeTech's Uranium Spot Price Indicator has climbed nearly 16 percent over the past week to US$42.25 per pound U3O-- the highest value since March 31, 2013, as buying interest from utilities, traders, and financial entities has fueled a steady increase in the spot market price.
Increased buying interest has led sellers to progressively increase offer prices as each new sales opportunity emerges. TradeTech's Weekly U3O8 Spot Price1 was $42.00 per pound on November 7, which in percentage terms was the second-largest increase (week-on-week) since 1996 (see chart). The spot price has continued its climb, with TradeTech's Daily U3O8 Spot Price Indicator1 reaching $42.25 per pound on November 10.

"Significant week-on-week price changes in the uranium spot market are relatively infrequent and this price jump was spurred by increased buying interest from all market sectors," said TradeTech President Treva E. Klingbiel. "Although buying interest from financial entities and utilities is expected to increase before year end, the majority of current spot market demand remains largely discretionary," she added.

I have been talking about it for awhile now and it seems we are gaining some interest in people finally buying uranium. I expect Japanese restarts early next year and Uranium Participation Corp will spending about $200 million buying uranium over the next few months.

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