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« Uranium: 1,100 claims staked close to Grand Canyon! | Main | Uranium down $2/lb, but stocks stir! »
Tuesday
May132008

U308 hits $60/lb!

Uranium spot price 13 May 2008

Just when the uranium stocks look like coming to life the spot price for uranium takes another step lower. According to TradeTech who have reported this decline in the spot market price saying the following:

“May 9, 2008--Spot prices for uranium continued to slide this week with TradeTech’s Spot Price Indicator dropping $5.00 to $60.00 per pound U3O8. Market participants continue to seek the “bottom,” but the ready availability of supplies relative to extremely weak demand has made finding that price point elusive. Some sellers have started firming their offer prices in anticipation of potentially significant purchases by investors, while others remain willing to cut prices in order to conclude transactions. Two transactions are reported in the spot uranium market this week. All active demand remains discretionary with no buyers in a “have to buy” situation”

Now, if the investing community are becoming less reliant on the spot price and are taking more notice of the long-term price this piece of news may be less of a party pooper than usual. We started the week in a positive mood so now we must hope that this move is largely ignored and that the stocks remain steady. If they do then maybe we can begin to think about switching our stance to a more acquisitive one.

Laramide, one of only two ‘buys’ that we recommend at the moment put on 7.9% today so that’s a little more good cheer to keep us going.

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Have a good one.









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Reader Comments (3)

Anybody has a clue why the NYMEX futures trading of the Uranium futures contract still not can be traded?

http://www.uranium-stocks.net/physical-uranium-contract-for-london-metals-exchange/

The UX contract appears in my screen but the price is not changing for all the months ahead.

According to http://www.uxc.com/
"NYMEX Partners with Ux Consulting to Offer Uranium Futures Contracts
On April 13, UxC and NYMEX issued a joint press release announcing the introduction of on and off-exchange traded uranium futures products on the CME Globex� and NYMEX ClearPort� electronic platforms on May 6 for the May 7 trade date. "

Thanks in advance

May 15, 2008 | Unregistered CommenterMyKel

Again my message:
(previous one did not appear, strange...)
Anyone knows why the UX futures still is not trading on the NYMEX?

Prices of UX futures contract are not changing at all.
Thanks in advance.

May 15, 2008 | Unregistered CommenterMyKel

MyKel,

Sorry, but your first message was trapped by the spam catcher, we dont know why, but we dug it out and posted it.

May 19, 2008 | Unregistered CommenterUranium Stocks

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