Found this forecast for 1st June,maybe price has bottomed. Cheers PB
TradeTech updated its uranium spot price indicator to $40.75 per pound on May 21, a slight decline of $.50. The price decline was prompted by several sellers motivated by a variety of factors including the availability of price insensitive inventory, a need to generate cash flow, the weakened Euro, and nervousness over the European debt crisis.
On Monday, Merrill Lynch issued a report indicating the broker remains positive on the long term prospects for the uranium market. The commentary highlighted that even allowing for some delays to proposed and planned reactor building the uranium market is likely to shift into material deficit post 2013 if required new mine supply is not commissioned. Declining market surpluses from this year will see prices slowly move higher, with momentum to pick up as inventory and supply security issues gain more attention.
The model implies an average spot price in 2014 of $60 per pound, while there has been no update to the brokers long-term 2015 nominal price forecast of $55 per pound. Long term price risk is to the upside based on geopolitical risk, incentive price arguments, and any return of speculative buying in the market
BMN Price at posting:
31.5¢ Sentiment: LT Buy Disclosure: Held
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