FNArena News -By Andrew Nelson September 22 2009
Week by week the uranium spot price ticks a little lower, this week it’s down a noteworthy US$2.00 to $42.50 reports uranium market consultant TradeTech………..The single biggest problem facing the short-term market is the doubt being cast by the imminent release into the market of as much as 1,200 tonnes of UF6 by October 15 by the US Department of Energy. This doubt is seeing an increasing number of spot sellers deciding to take pre-emptive action and sell existing inventories before this new material finds its way into the market.
This move to lower prices has seen a number of buyers take advantage, with a total of five transactions, totalling approximately 900,000 pounds U3O8 equivalent, taking place last week. TradeTech reports that active demand is made op almost entirely of discretionary buyers, with many more still on the sidelines waiting for even lower prices.