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Uranium spot price plummets as buyers exit market

Remember way back to last week when there was so much excitement about the rallying uranium price? Uh, yeah. So do we. Unfortunately, the market has taken a serious turn for the worse.

Industry consultant TradeTech reported that uranium’s spot price plunged by US$6 a pound (or 13.6%) over the past week to US$38. That is the second-largest week-over-week drop since 1996. TradeTech noted that buyers simply exited the market, forcing sellers to slash their price expectations.

The spot uranium market is small and illiquid, so big price swings are common. But TD Securities analyst Greg Barnes said the action of the past few weeks (a big rise followed by an abrupt crash) is among the most volatile he has seen in years. In his view, the only comparables are the price collapse following the Fukushima disaster in 2011, and the rapid rise during the bull market in 2006 and 2007.

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