UEX Corp T.UEX

I don't understand the fixation on spot u3o8 prices ...

[rovaniemirover]

... since I seem to recall that Cameco management stated on their last earnings call that there is no uranium to be had on the spot market!  That is why they needed to restart Cigar Lake mine to be able to fulfill their contractual obligations to their end customers.  Back in 2018 and 2019 Cameco felt they could meet their obligations by purchasing cheaper on the spot market rather than mine expensive uranium.  Well, as Cameco stated, the spot market is ficticious, and there is no uranium to be had there.  So, Cigar Lake needed to be restarted so that Cameco would be able to keep their customers.  I don't get it ... how can there be such a low price on spot if there is nothing there to be bought or sold?  The Trump administration really really badly botched the uranium industry in the United States, when they completely went against their own Department of Commerce recommendation to purchase uranium from local (North American) sources, to provide well paying skilled jobs to Americans and to protect a strategic industry that is reuqired to keep a competitive advantage relative to other nations.  Really really stupid situation uranium is in right now, and there really is no game plan to correct it.  How the utilities running nuclear reactors can not worry about security of supply is mind boggling.  I really don't get it.  Where are they getting their cheap supply, unless CCO is supplying all of them on past contracts that still have a lot of life left in them.