Nothing we haven't heard already..... Heres the article
Despite flares of hope and optimism, and record high prices for crude oil, the negative news flow for the uranium sector has yet to end. This morning sector specialists at JP Morgan joined their colleagues at Macquarie by forecasting there won't be much joy for investors positioned for a swift recovery in the uranium spot price.
Currently securities analysts are -roughly speaking- divided between the Deutsche Bank bulls (those who see US$100-plus returning sooner rather than later) and the Macquarie view that low spot prices are here to stay for longer than expected. The latest changes made by JP Morgan analysts indicate the Macquarie view seems to be winning over the Deutsche Bank view.
The changes made are quite substantial. JP Morgan now forecasts an average spot uranium price of US$69.60/lb compared with a previous forecast of US$87.20/lb for calendar 2008. For 2009 the price forecast has been lowered to US$75/lb versus US$85/lb previously. The broker's long term spot price forecast has also decreased to US$65/lb from US$70/lb.
This is not where this week's negative newsflow ends. Industry consultant TradeTech has joined colleague Ux Consulting by lowering its weekly spot price indicator for uranium oxide, or U3O8, by US$2 to US$57/lb. TradeTech reports buyers simply backed away from the market in the week past, while lower-priced material continues to surface.
The consultant's long term price indicator remained unchanged at US$85/lb.
Nothing we haven't heard already..... Heres the articleDespite...
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