Jun 12 Uranium week: finding A level

By Greg Peel / June 12, 2019 / www.fnarena.com / Article Link

Weekly Reports |Jun 12 2019

The uranium spot price has posted its first weekly increase in almost two months.

-Buyers Emerge-Uranium market remains fractured-Finland gets ambitious

By Greg Peel

After a long, steady decline in the spot uranium price in 2019 on section 232 uncertainty, buyers finally emerged from the woodwork last week in the form of both utilities and investors. While US utilities continue to remain mostly on the sidelines, non-US utility interest has prompted sellers to cast their nets wider.

US utilities who are interested in purchases continue to target material acceptable for delivery in the US as opposed to that sourced from the likes of Russia, Kazakhstan or Uzbekistan which remains subject to potential 232 restrictions.

Industry consultant TradeTech reported 650,000/lbs U3O8 equivalent changing hands in the spot market last week. As the buyers stepped in, the sellers retreated as the week progressed, and so the buyers backed off again. Regardless,TradeTech's weekly spot price indicator rose US60c to US$24.60/lb - the first weekly increase in almost two months.

Two transactions were also concluded in term markets last week. TradeTech's term price indicators remain at US$27.35/lb (mid) and US$30.00/lb (long).

Outside of the open markets, London-based investment firm Yellow Cake last week purchased a further 1.175mlbs U3O8 from Kazakhstan's Kazatomprom under the option agreement between the two.

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