Commodities | Jan 22 2008
By Rudi Filapek-Vandyck
TradeTech’s latest update suggests all it took was one forced seller in the market to push the spot uranium price 5.6% lower last week, to US$84 per pound from US$89 per pound the previous week.
The industry consultant notes overall activity in the spot market had been quiet for several consecutive weeks prior to one aggressive seller moving in looking to attract buying interest. This, the consultant notes, triggered selling by others later in the week as well.
As only two transactions, both for 200,000 pounds of yellow cake, have been concluded during the week, it would not surprise if pressure remains to the downside in the weeks ahead.
TradeTech’s peer, Ux Consulting, lowered its own weekly spot price indicator by US$0.50 to US$89 per pound last week.
TradeTech’s long term price indicator has remained at US$95 per pound.
