Market Ructions: Uranium to continue run

Market Ructions: Uranium to continue run

‘Guy on Rocks’ is a Stockhead series looking at the significant happenings of the resources market each week. Former geologist and experienced stockbroker Guy Le Page, director, and responsible executive at Perth-based financial services provider RM Corporate Finance, shares his high conviction views on the market and his “hot stocks to watch”.

Uranium spot prices were off 45 cents during last week to close at a three-month low of US$46.25/lb (figure 1).

Interestingly the Sprott Uranium trust did not buy any uranium for the entire month of May and was trading around 14% below its NTA a few weeks ago (figure 2).

I have talked about the supply-demand outlook previously as being one that is likely to support significantly higher uranium prices in the medium to longer term.Admir Adnani, the CEO of Uranium Energy Corp (NYSE: UEC ), believes that we are unlikely to see any meaningful uptake in uranium production until […]

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