Commodities | Jun 11 2009
By Rudi Filapek-Vandyck
The U3O8 spot market price rose to US$50/lb this week as the two industry consultants who set weekly spot price indicators for the uranium sector both decided that was the correct price on the basis of last week’s spot market activity.
For TradeTech the price rise involved adding US$1 to the previous week’s price, for competitor Ux Consulting the new price is only US50c higher than the previous week’s price.
Amidst the political fall-out and many questions surrounding the fraud-scandal in major producing country Kazakhstan, market participants concluded six transactions involving over 1.2 million pounds U3O8 equivalent, on TradeTech’s count.
In case you’ve missed the Kazakhstan saga: the former president of Kazakhstan’s state controlled nuclear entity has been accused of stealing the majority of the country’s uranium deposits.
TradeTech left its long term price benchmark unchanged at US$65/lb. UxC’s equivalent price benchmark sits at US$69/lb.
