TradeTech Uranium Spot Price Reaches US$57.50

Published on Tuesday Nov 9 2010

Note** Since Posting Uranium Spot Price has since risen to US$58.50.00 P/Lb

*** Suppliers expect prices to continue climbing and are under no pressure to sell, which has made spot uranium supplies extremely thin,” TradeTech President Treva E. Klingbiel said ***

TradeTech’s uranium spot price rose dramatically last week, soaring to a record two-year high of US$57.50 per pound uranium oxide (U3O8) on November 5, as buyers from a variety of market segments remain active in the uranium spot market.

The steep price rise represented more than a 10 percent increase compared to TradeTech’s October 31 Exchange Value(1) of $52 per pound U3O8. “While the level of spot market demand is primarily discretionary, it is exceptionally high, with buyers including utilities, traders, and producers,” said TradeTech President Treva E. Klingbiel. In addition, the recent rise in uranium prices has attracted the attention of investors and speculators, with hedge funds venturing back into the market, TradeTech noted in its November 5 "Nuclear Market Review."

The uranium spot price gained strength throughout the past several weeks, driven largely by utilities seeking offers for spot, mid- and long-term deliveries. This increase in demand has encouraged sellers and has led to steadily higher prices in offers and transactions. 

“Suppliers expect prices to continue climbing and are under no pressure to sell, which has made spot uranium supplies extremely thin,” Klingbiel said. 

Utility and producer demand is expected to remain strong throughout November and TradeTech expects uranium spot market prices to remain firm or increase slightly.

Visit my other site Australian Uranium Investing