Commodities | Sep 22 2015
By Greg Peel
Each year the uranium industry gathers for the World Nuclear Association symposium. Typically, the uranium spot market is busy the week before and all but dead during the week as market participants attend the symposium, where they all talk up the prospects for uranium and then return home and start buying.
Not so this year.
The spot market was indeed busy before the symposium, with 1.1mlbs of U3O8 equivalent changing hands, and quiet during the gathering, as volumes fell to 500,000lbs. But little enthusiasm was generated and last week saw only five transactions recorded totalling 600,000lbs U3O8, industry consultant TradeTech reports.
Enthusiasm may yet be generated, nonetheless, once the three utilities seeking delivery contracts for a total of 6.5mlbs beginning from 2017 finally arrive at their decisions and in so doing, provide the market with some further price indication. In the meantime, it’s just a waiting game.
TradeTech’s spot market price indicator remains stuck at US$37.25/lb for the third week running. There was one transaction reported in the term market last week, for delivery beginning 2017, but it was only for a small volume. TradeTech’s term price indicators remain unchanged at US$40.00/lb (mid) and US$44.00/lb (long).
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