By Andrew Nelson
Uranium trading two weeks back saw the spot price plummet 5%, with increasingly cash poor and panicky sellers doing what they could to generate some volume. Last week was a little calmer and much busier, with buyers jumping in to take advantage of the rock bottom prices.
One could easily assume the calmer atmosphere last week had something to do with burned out market participants taking a working holiday in Florida to attend the International Uranium Fuel Seminar. And looking at the guest list it was obvious that the sellers were there in force. But the buyers; they we're hanging out at the spot market, or so it seemed.
Industry consultant TradeTech reports that spot transaction volume surged last week, with just one non-US utility picking a preferred supplier for delivery of 1.8 million pounds U308 in enriched uranium product. If that wasn't enough, there were still another four deals to be tallied, with market volume for the week adding up to 2.3 million pounds.
The sellers were, as always, producers and traders, with utilities and traders on the other side of the table. However, after the dust settled, demand levels were right back