Small gains for uranium
The spot price for uranium oxide rose modestly, particularly during the second half of the week, by US$0.25 to US$52.00 on 29 July, according to a TradeTech report. Activity on the market remains moderate with limited numbers of buyers and sellers concluding seven transactions with a total volume of 700,000lb.
The upward trend appears to be continuing into this week with The Ux Consulting Co reporting a US$0.75 WoW rise to US$52.25/lb on 1 August.
Last month, the market completed 28 transactions with 3.4Mlb changing hands. However, continued uncertaintly regarding reduced demand from Japan and the fall-out on the uranium market in terms of increased supply continues to keep the market on edge. In addition, no result has been forthcoming relating to the Whitfield bill currently making its way through US Congress. The proposal seeks to increase the re-enrichment of tailings stockpiled by the US government, which will then find their way into the market to fund further environmental clean-up activities in the US.
TradeTech’s medium-term price indicator puts uranium at US$58/lb while its long-term counterpart reaches US$68/lb.
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