“China’s ambitious nuclear power expansion and the signing of two new contracts for long-term uranium supply attracted renewed interest from the financial and investor sectors and propelled the price movement,” said TradeTech President Treva E. Klingbiel.
Denver, CO (PRWEB) December 2, 2010 —
TradeTech’s uranium spot price rose significantly in November, climbing to a record two-year high of US$60.25 per pound uranium oxide (U3O8) on November 30—breaking the $60.00 price barrier for the first time since August 2008.
The steep price rise represented nearly a 16 percent increase compared to TradeTech’s October 31 Exchange Value (1) of $52 per pound U3O8. “China’s ambitious nuclear power expansion plan and the signing of two new contracts for long-term uranium supply attracted renewed interest from the financial and investor sectors and propelled the price movement,” said TradeTech President Treva E. Klingbiel. While buyers from a variety of market segments remain active in the uranium spot market, the bulk of material purchased in November involved traders and financial entities, TradeTech noted in its November 30 "Nuclear Market Review."
“The uranium spot price gained strength throughout the past several weeks, driven primarily by discretionary demand from trading and financial entities. This demand and the entrance of utilities seeking offers for mid- and long-term uranium deliveries encouraged sellers and led to steadily higher prices in offers and transactions,” Klingbiel added.
Uranium supply in the spot market is projected to remain limited for the remainder of the year and TradeTech expects uranium spot market prices to stay firm or increase slightly.
(1) TradeTech’s Exchange Value reflects the company’s judgment of the price at which spot and near-term transactions for significant quantities of natural uranium concentrates (U3O8) could be concluded as of the last day of the month.
TradeTech publishes the "Nuclear Market Review" (NMR) each Friday evening, which reports the weekly uranium spot market price, uranium trading activity, industry news, and market data. The monthly edition of the NMR, published on the last day of each month, includes TradeTech Market Values (Exchange Value, UF6 Value, Loan Rate, Conversion Value, SWU Value, and Transaction Value) and Mid- and Long-Term Price Indicators, as well as analysis related to these price determinations, supply/demand information, and industry news. 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 40 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:
Denver Tech Center
7887 E. Belleview Avenue
Englewood, CO 80111
Web site: http://www.uranium.info