\n\tBy Greg Peel<\/p>\n
\n\tIndustry consultant TradeTech<\/span> closed out its spot price indicator for November month-end at US$51.50\/lb, down US25c<\/span> from end-October. The slight drop in price belies activity earlier in the month when a burst of enthusiasm pushed the spot price US$4 higher, only to see buying interest quickly wane once more.<\/p>\n \n\tThe month saw 34 transactions reported totalling<\/span> over 5 million pounds of U3O8<\/span> equivalent, with traders rather than end-users doing most of the buying, TradeTech<\/span> notes. Traders, producers and hedge funds were present on the sell-side.<\/p>\n \n\tLooking at last week's activity, month-end saw sellers keen to close out positions before some buying interest returned once we moved into December. Eight transactions totalling<\/span> 1.2 million pounds saw TradeTech's<\/span> indicative spot price tick up US25c<\/span> to US$51.75\/lb by week-end, but that's still down US50c<\/span> from the previous week's price. Utilities were on the buy-side and producers on the sell-side with traders and hedge funds playing both sides of the spread.<\/p>\n \n\tThe month of November saw only one transaction in the term market, involving one million pounds of U3O8<\/span>. TradeTech<\/span> has nevertheless lowered its indicative pricing for both the medium and long term markets, with the medium term down US50c<\/span> to US$54.50\/lb and the long term down US$1 to US$62\/lb.<\/p>\n \n\tIn a last minute sector update, the industry consultant reported overnight its daily spot price indicator regained US25c<\/span> to US$52\/lb.<\/p>\n