Uranium spot price hits US$70

Industrials Fuel and Power reports spot uranium reaches US$70/lb.

The market news is quoted as saying:

Earlier, on January 21, TradeTech had reported a US$2.50 increase to US$69.00/lb, the highest level reported since April 2008, signaling that the spot price might break the US$70 barrier soon. The company noted that over 800,000lb of uranium oxide was traded over the week. Although some buyers retreated as prices rose, others were prepared to pay the higher price as they were keen to secure material. In addition, new demand emerged with a non-US utility seeking offers for a total of 400,000lb as two deliveries by July 2011.

Click here to access the entire market news.