"In the Market ... The quest of buyers to secure uranium at fixed prices continues to fuel the price rise, with any spot material offered up by sellers creating a “feeding frenzy.” As a result, the spot price for uranium jumped $7.00 this week to $72.00 per pound U3O8—the single largest increase reported since NUEXCO began publishing prices in 1968.
Bids were due December 15 to a US producer auctioning 260 thousand pounds U3O8. Other sellers, in anticipation of future price increases, have grown increasingly reluctant to release material into the market, and thus competition for the auction material was expected to be aggressive.
Meeting this expectation, competition was indeed fierce, as buyers exhibited a willingness to pay a strong premium in order to purchase material at a fixed price. The producer received multiple bids with the winning bid at, or very near, the December 15 Uranium Spot Price Indicator of $72.00 per pound U3O8.
Monday could be interesting!
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