Itochu Buying Pushes Up Spot Uranium Price Before Slight Easing

Nov. 15, 2011 02:50PM PST

Platts reported the spot market price for uranium zoomed upwards this past week.

As quoted in the market news:

An aggressive buyer kept adding to its portfolio even as offer prices moved well passed $55/lb U3O8, a price that many analysts had been describing as a ceiling price in the current market conditions.
The buyer, identified by a number of market sources as Japanese trading company Itochu, is said to have finally stopped buying — at least for the moment — after concluding a deal for delivery of uranium in April at a price of $57/lb U3O8. Over the week, several analysts said, Itochu may have bought over 1 million lb U3O8.

Click here to read the full Platts report.