CMR 0.00% 15.0¢ compass resources limited

uranium plus usd60.00 lb

  1. 1,392 Posts.
    Weekly Spot Uranium Price Sets New Record: Tops US$60/Pound
    Monday October 30, 12:01 am ET
    TradeTech CEO Says: 'Not much breathing room in the system'
    Wonder how the locals will view the 6-8 lb/t grades from the main course????

    SARASOTA, Fla., Oct. 30 /PRNewswire/ -- Global utilities will soon be paying more for their nuclear fuel. Spot prices for uranium oxide (U3O8) punched through the US$60/pound level for the first time in the spot market's 38-year history. According to figures released this weekend by TradeTech, the weekly spot uranium price indicator stands at US$60.25/pound. The spot price jumped 7 percent after Cameco Corp announced 'uncontrollable flooding' at the company's massive Cigar Lake uranium project. The world's largest uranium producer warned of a mine production delay of more than one year.
    In a telephone interview, TradeTech's CEO Gene Clark told StockInterview.com, "Cigar Lake is a must-have project for the industry. Getting that project back under development will be essential." He added, "While the 'sky has not fallen' yet, there is not much breathing room left in the system." Less than two months ago, spot uranium traded at US$50/pound.
    During the depressed uranium market of the 1990s, participants 'counted by nickels' when anticipating monthly price movements. Because of strong demand and tight supplies, according to Clark, analysts are now thinking in terms of $10/pound price movements. "If you've got uranium in your hands now, you're going to make some real money on it," Clark said.

    TradeTech and its predecessor NUEXCO have been publishing uranium market prices since the inception of the commercial nuclear fuel market in 1968. The current weekly spot uranium price appears now at: http://www.uranium.info

    The exclusive featured interview with TradeTech's Gene Clark appears on the online financial news website, StockInterview.com: http://www.stockinterview.com/News/1030200...nium-price.html
 
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