congrats longs; at 66$, our texas operations can be profitable; glta;
Uranium surges on potential shortfalls
Uranium prices surged 5.6% in the past week as traders returned to the market, placing a premium on near-term delivery due to concerns about potential shortfalls in production, according to Ux Consulting Co.
Uranium-oxide concentrate for immediate delivery traded at $66 a pound in the week to yesterday, Roswell, Georgia-based UxC said in a report. That was up from $62.50 on Jan. 4.
“Recent developments have placed a premium on near-term delivery,” UxC said, citing concerns about production in Australia for companies including Rio Tinto Group-controlled Energy Resources of Australia Ltd. “While it is true that current supply issues are not as negative as they were several years ago, it is also true that China was not the dominant demand force that it is today.”
China and India are leading the biggest nuclear energy expansion since the decade after the 1970s oil crisis to reduce air pollution and power their economies, triggering a 40% surge in spot prices in 2010. Uranium producers in Australia and Canada forecast demand will increase as countries expand their use of nuclear power to curb emissions from burning coal.
A total of 10 transactions involving more than 2 million pounds of uranium-oxide concentrate equivalent were conducted in the past week, according to UxC.
It's really good picking up momentum. Just wonder why URI is so quiet about it's production restart date in Texas which leads to my speculation that if it is to be bought why bothers start production. Just try to use Logic.