PRZOOM - /newswire/ -
Sarasota, FL, United States, 2007/01/14 - According to Friday’s Nuclear Market Review, published by TradeTech, the weekly spot uranium price indicator remains frozen at $72/pound for the third straight week as utilities and uranium investors await Cameco’s February update on remediation work.
According to Treva Klingbiel, editor of TradeTech’s Nuclear Market Review, the weekly spot U3O8 indicator stalled at $72/pound for the third straight week in quiet trading. Only one small off-market transaction took place as “the majority of market participants remain focused on early February and the anticipated update from Cameco regarding the status of remediation efforts underway at the Cigar Lake mine,” Ms. Klingbiel wrote.
However, the number of active buyers rose by one to an even dozen, this past week, when a U.S. utility asked to purchase approximately 650,000 pounds U3O8 contained in UF6. Total demand for U3O8 equivalent rose to 6.5 million pounds. “Fifteen buyers remain in the long-term market evaluating or actively seeking offers totaling almost 54 million pounds U3O8 equivalent,” Klingbiel wrote. One U.S. utility and two non-U.S. utilities are presently evaluating offers to buy more than 16 million pounds of U3O8 equivalent between 2009 and 2016. “Nine utilities continue to evaluate potential off-market purchases to cover long-term enrichment commitments,” wrote Klingbiel.
Meanwhile, the newest uranium miners are celebrating the record US$72/pound. StockInterview observed in today’s article, “Because of the Cigar Lake flooding, utilities now contracting with UrAsia and SXR have been forced to pay about $150 million more for the 8.7 million pounds of uranium oxide than they might have paid on October 20, 2006. Because of the escalating floor price protection, the final penalty could surpass $200 million.”
To read the article entitled, “Uranium Price Frozen at $72/Pound: Nervous Buyers Await Cameco Update, please visit the website.
Stockinterview.com is an online news service, which provides investigative reporting, editorial, analysis and provocative commentary of the nuclear fuel cycle, uranium mining, nuclear power, the environment and the natural resource industry. StockInterview.com has rapidly become the most popular website on uranium mining stocks and is now widely followed as a result of its publication, “Investing in the Great Uranium Bull Market: A Practical Investor’s Guide to Uranium Stocks.”
The 304-page trade softcover edition of “Investing in the Great Uranium Bull Market,” is available online
TradeTech’s Nuclear Market Review publishes the consulting firm’s weekly spot uranium price indicator on Fridays. TradeTech posts changes on the weekly spot uranium price at uranium.info