TradeTech's Uranium Spot Hits US$50.00 P/Lb

TradeTech’s Uranium Spot Price Indicator rose $2.50 to $50.00 per pound U3O8. The spot uranium price jumped again this week on confirmation that BHP Billiton had notified some customers of force majeure on deliveries from its Olympic Dam mine. The force majeure was the result of a mechanical failure to the main haulage system that occurred on October 6.

The news prompted sellers to raise offer prices and three transactions were concluded at significantly higher prices than those concluded last week. Current buying interest is coming primarily from traders and financial entities. Most utility customers are under little pressure to purchase and are currently taking a “wait and see” approach.