The uranium price appears to have bottomed after its steep fall and looking ahead predicted shortages could see the price boom again. Author: Byron King Posted: Friday , 16 Jul 2010
Pittsburgh (The Daily Reckoning) -
Uranium prices appear to be bottoming, as China buys major supplies from Cameco (NYSE:CCJ). On June 24, China agreed to buy more than 10,000 tons of uranium oxide - yellowcake - over 10 years from Cameco.
According to Thomas Neff, a physicist and uranium industry analyst at the Massachusetts Institute of Technology, China is buying unprecedented amounts of uranium. Based on public information, China may purchase about 5,000 metric tonnes of yellowcake this year. That's more than twice as much as China consumes.
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