Uranium Week: Spot Price Hits Pause

Short term U3O8 spot price weakness belies the potential growth in demand and fragility of longer-term supply chains, a positive for the uranium bulls.

-U3O8 spot prices remain volatile as utilities stand back from the market
-Annual US uranium stockpiles rose in 2023 with Australia a significant supplier
-Canaccord Genuity, the latest broker to espouse the bull case for longer-term uranium demand

Short term pricing instability belies medium term fundamentals The spot price uranium market remains at elevated levels of price volatility, industry consultant TradeTech observes.Last week’s market vacillated with Monday’s prices between US$82.50lb and US$84lb, rising to US$83lb on the Tuesday before settling down towards the end of the week and finishing unchanged at US$85lb.Focusing out, the spot price has fallen -21% from a 16-year high in February at US$107lb, but at an average US$93.21lb the spot price remains 39% above the 2023 average.Utilities continue to focus […]

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