Spot Uranium At US$72/lb For Sixth Consecutive Week

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By Rudi Filapek-Vandyck

The spot price for U3O8 (uranium oxide) has remained at US$72/lb during the week that ended on January 26. Our colleagues at Stockinterview.com report on the basis of the latest edition of TradeTech’s Nuclear Market Review (NMR) that the spot uranium price hasn’t moved for a sixth straight week.

According to the report this is now the longest period of no price change since June 2005. NMR reported no change in either the spot or long-term uranium price indicator, which remain respectively at US$72 and US$69/pound.

NMR reports the gap between willing buyers and willing sellers has widened dramatically over the past week with many transactions failing to reach conclusion – again.

In the light of ongoing uncertainty about the immediate future for Cameco’s Cigar Lake project, it can be expected for the impasse to continue longer still.

Cameco released a statement on Friday indicating the company needed more time to fully assess progress and time tables regarding remediation at its flooded Cigar Lake project. The company now expects to be able to inform the market by the end of March instead of early February as previously suggested.

See also ‘Spot Uranium Price Trapped at US$72/Pound’ in our Sources of Wisdom section.

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