Uranium Finds Support

FNArena reports on TradeTech’s spot indicator falling to US$48.85/lb.

The market news is quoted as saying:

The 250,000lbs of U3O8 equivalent sought was quickly followed by another 150,000lbs, and by the close of August last week the spot uranium price had recovered to US$49.25/lb. That’s US$2.75 down from TradeTech’s July close.

The buying interest nevertheless had the sellers backing off this time, forcing prices higher by week’s end as 880,000lbs changed hands in five transactions. Hence as at Friday TradeTech’s indicator had reached US$50.50/lb, up US$1.65 week on week.

Can we conclude, once again, that there is a floor in the spot uranium price at US$50?

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