The spot uranium price continued to climb with TradeTech's Uranium Spot Price Indicator increasing $5.50 from last week to $57.50 per pound U3O8, the highest level reported by TradeTech since November 2008.
The level of spot demand, although predominately discretionary, is exceptionally high.
Eight transactions were concluded over the course of the week.
Although some market participants temporarily withdrew from the market to reassess their positions, relative to the sharp increase in uranium prices reported last week, others continue to actively seek material.
The recent rise in uranium prices has once again attracted the attention of investors and speculators.
As a result, spot uranium demand gained momentum this week with hedge funds venturing back into the market along with utilities, intermediaries, and producers.
Suppliers expect prices to continue climbing and thus, are under no pressure to sell.
Therefore, spot uranium supplies available for sale are extremely thin.
Recent transactions were concluded at or near today's Spot Price Indicator and significantly above last week's price.
Today's Uranium Spot Price Indicator represents TradeTech's judgment of the level at which willing buyers and willing sellers would conclude transactions.
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