Wayne Heili over at PEN had some stuff to say about the spot market in a recent Crux interview (check out the PEN forum for the link, don't wanna cross promote).
He seems to think there's still some spot material out there and if he's right we might see spot move sideways or meander down for a little while yet. Of course he's hedged on spot so he may well be talking his book. I think we're still waiting on Cameco and Kazatomprom to confirm if/when they've purchased the millions of lbs they need to fulfil their contracts.
Opening of Cigar lake is interesting - I don't see it as a bad thing. To me it looks like Cameco are getting ready for the spot / term price to increase and want to be ready to roll (it'll take time to reopen and ramp up). Of course the news has dropped the spot price too - not such a bad thing for someone who may need to buy lbs on spot, right?
I think one thing we can be sure of is CCO know what they are doing and are going to use their influence and power to get the best outcomes for them...
Spot, page-38
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