As of today we are at $54.50 USD/lb. Looking at the way the spot price is moving, I am starting to think we might hit $60USD by the end of the year. We have come from $41/lb in just under a few months, so it seems entirely possible if the trend holds that we will crack $60/lb by the end of december.
From all of the talk of chinese copper consumption escallating, its logical to think there will be a power demand which grows in line with copper consumption. Copper usage per head in china has trippled in the last decade and is expected to tripple (or more) again in the next decade as their standard of living increases. If this in fact happens, their power production will have to grow massively. The logical extension of that is that uranium demand will have to go up even further from where we are now.
If we're lucky, we might just be on the cusp of that nuclear renaisance that all of these industry analysts have been talking about for the last year or two.
BMN Price at posting:
55.0¢ Sentiment: LT Buy Disclosure: Held
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