Denver, CO (PRWEB) October 16, 2007
TradeTech's spot uranium price rose to US$78 per pound uranium oxide (U3O8)--a $3 increase that followed 16 weeks of flat or falling prices. The uranium spot market price had been falling since reaching a peak of $138 in June, but now appears to be strengthening.
TradeTech's weekly spot price increased four percent on October 12, as buyers began re-entering the market. The uranium price has recorded soaring prices over the past two years, as investor interest in the market surged and near-term supplies remained thin.
However, as the uranium price rose to record levels, buyers retreated.
As a result, a number of sellers motivated by cash needs, lowered offer prices or accepted below current market bids in order to secure sales. These sellers have now successfully placed the majority of this material and appear to have satisfied their near-term requirements. "With this supply removed from the market, sellers, sensing that the market has reached an inflection point are cautiously moving their offer prices up," TradeTech President Treva Klingbiel stated. "All current spot demand remains discretionary, but since the price declines of the past few months have abated, buyers and sellers appear to have found a price level where transactions can be concluded," Klingbiel added.
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.
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