Paladin delivered yet another disappointing March quarter production report. Expectations remain that sales will improve in coming quarters, but broker opinion on the stock remains divided.
It’s not that there’s no interest in uranium, it’s just that the main players are not particularly interested in the spot market.
Leading into resource company quarterly production reports brokers have updated their views, while retailers are also in focus given ongoing price deflation.
With little pressure on sellers, the spot uranium price managed to tick up slightly last week.
Weekly update on recommendation, target price, and earnings forecast changes.
A bit of late end-of-quarter buying saw a slight spot price rise last week for uranium but it was an otherwise uninspired March quarter.
Spot activity subsided again last week but RBC Capital is forecasting growing uranium supply deficits in the years ahead.
Lower prices have finally encouraged cagey spot uranium buyers to jump back into the market, providing a sudden surge in weekly volumes.
Just one seller managed to knock down the spot uranium price last week as buyers think about it but remain on the sidelines instead. Meanwhile China continues to drive demand.
The global mismatch in spot uranium prices narrowed slightly last week. Light at the end of the tunnel?