Cameco had a LT contract selling uranium to Tepco for a decent price, Japan reactor restarts lagging a lot more than expected meant Tepco could not use the uranium they had contracted to purchase.
Tepco got tired of on-selling the Cameco Uranium to spot market at a big loss and decided better to cancel the contract. It doesnt change the global supply and demand equation but it does change the profit margin Cameco was getting on the volume they were selling to Tepco.
Global U demand now higher than before Jap reactor shutdowns. Its a blip today with a bit of a shockwave, but is a short term blip IMO due to global fundamentals.
Spike in Uranium Futures, page-9
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