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« Digging for Opportunities in Rare Earths | Main | Mickey Fulp, Mercenary Geologist: The Demand is There »
Wednesday
Jun242009

Uranium Prices on the Move

Uraniun Chart 24 jun 09.JPG

Chart courtesy of u3o8.biz




As we can see from the above chart the spot price of uranium has made some progress to trade at $53/lb according to The UX Consulting Company.

However on June 22 Bloomberg reported 'Uranium rose to the highest in seven months as energy commodities gained globally and utilities sought to acquire stakes in companies mining the metal.

Uranium-oxide concentrate for immediate delivery added $3, or 5.8 percent, to $55 a pound, Denver-based pricing service TradeTech LLC said in a report dated June 19. Nine transactions totaling 1.9 million pounds in volume took place last week.'






The longer term price for uranium remains steady at around $70/lb as depicted by the chart below supplied by TradeTech.

Uranium long term price chart TradeTech 24 jun 09.JPG

Looking further out we have the futures market where NYMEX, which appears to be very thinly traded, has the following figures;

June 2009 $54/lb
December 2009 $57/lb
February 2010 $58/lb
September 2011 $68/lb

Having sprung into life and put in a reasonable rally most uranium stocks are now falling back from their highs as some investors lock in profits and the broader markets also start to correct. If the mainstream correction becomes severe then we can expect some of the fall out to land on this tiny sector. It may mean that we are in for a dull summer of consolidation, no! not another one, but this could be the very last opportunity to acquire a few more of your favorite uranium stocks in preparation for a serious take off to higher levels.




For those of you who are fans of First Uranium its worth watching this clip as BNN chats with Gordon Miller, president and CEO, First Uranium, remember that this company is a play on both gold and uranium. Click here.








Have a good one.

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