TradeTech's spot uranium price climbed to US$90 per pound uranium oxide (U3O8) on October 31 -- a 20 percent increase over the past four weeks, amid news of production shortfalls and the withdrawal of sellers from the market.
Denver, CO (PRWEB) November 4, 2007 -- TradeTech's uranium spot price climbed to US$90 per pound uranium oxide (U3O8) on October 31 -- a 20 percent increase over the past four weeks.
The spot price peaked in June at a record $138 per pound U3O8, dropped rapidly during August, and then languished over the month of September--closing that month at $75 per pound, primarily due to the sell-off of inventory by several cash-motivated sellers. The uranium price gradually gained momentum throughout October and recent news of production shortfalls from several sources prompted sellers to withdraw from the market.
"The full impact of these adjusted production forecasts is not yet known, but clearly they do not bode well for buyers," TradeTech President Treva Klingbiel stated. "The majority of sellers immediately raised their offer prices or withdrew completely from the market," Klingbiel added. Near-term demand, particularly that of speculators and hedge funds that have begun re-entering the market, remains primarily discretionary.
TradeTech publishes the Nuclear Market Review each Friday evening, which reports the weekly uranium spot market price, uranium trading activity, industry news, and market data. TradeTech also publishes The Nuclear Review, a monthly trade publication dedicated to the international uranium and nuclear energy industry.
TradeTech, and its predecessor companies-NUEXCO Information Services, CONCORD Information Services, and CONCORD Trading Company-has supported the uranium and nuclear fuel cycle industry for more than 35 years, and is widely recognized for its expertise in trading activities and its comprehensive knowledge of the technical, economic and political factors affecting this industry. TradeTech provides expert market consulting, participates in the buying and selling of uranium products and services, and maintains an extensive information database on these industries.
For general and media inquiries contact:
TradeTech
600 Seventeenth Street
Suite 720 South
Denver, CO 80202
Phone: 303.573.3530
Fax: 303.573.3531
http://www.uranium.info
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