By Rudi Filapek-Vandyck
Theuranium oxide (U3O8) spot market continues to be characterised bylittle to no action, but if industry consultant TradeTech's assessmentproves correct, the next few weeks could see some deals being concludedat higher prices. For now, however, overall activity remains low andthus TradeTech has left both its weekly spot price indicator and longerterm price benchmark unchanged at US$64.50 and US$80/lb respectively.
Ongoingproblems at Cameco's flagship Cigar Lake project, pushing forward thestart of supply hitting the market from this troubled uranium projectin Canada, is pulling sellers and buyers closer to each other, reportsTradeTech. This after sellers raised their asking prices following moreadmissions from Cameco all was not going well at Cigar Lake. One couldconclude this suggests a higher spot price in the weeks ahead (eventhough TradeTech does point out that overall demand remains "sluggish").
Theindustry consultant points out next week (September 3-5) sees asymposium taking place in London, organised by the World NuclearAssociation, a private industry organisation set up to promote nuclearpower. Market participants might adopt a wait and see approach ahead ofthe event, the consultant suggests.
The pastweek saw one deal being concluded in the sport market, with TradeTechobserving it appears two new buyers have emerged in the longer termmarket (but no deals have been concluded as yet).