Commodities | Oct 12 2010
By Greg Peel
The uranium market consultants at TradeTech have been predicting a bit more action on the buy-side in the uranium market for a while now, only to be frustrated by a couple of false starts. The spot uranium price is still struggling to reach the US$50/lb mark which is the longer term forecast price from many an analyst.
But the spot market was “extremely” active last week, TradeTech reports, with nine transactions totalling 1.6m pounds of U3O8 equivalent pushing prices higher until a bit of a slip late in the week. TradeTech has set its indicative spot price for the week at US$48/lb which is up US50c on last week.
The US Department of Energy was back in selling a good lump of UF6 which was allocated to a spread of buyers, none of them utilities. TradeTech also reports fresh demand in the term market seeking a total of 6.5m pounds of U3O8 equivalent. There were also six transactions in the conversion market.
Trade Tech has left its mid-term indicative price at US$50/lb and its long-term price at US$62/lb.