u spot price up, page-2

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aWIl8L4JHhcQ

Uranium Advances First Week Since June Record, TradeTech Says

By Christopher Donville

Oct. 14 (Bloomberg) -- Uranium priced in dollars advanced for the first time since falling from a record in June, said TradeTech LLC, a publisher of price assessments. The element is the raw material for nuclear reactor fuel.

Sellers ``are cautiously moving their offer prices up,'' TradeTech said.

``In recent months, a number of sellers have been motivated by cash needs, lowering offer prices or accepting bids below the current market price,'' TradeTech said. ``These sellers have now successfully placed the majority of this material.''

The metallic element for immediate delivery rose $3, or 4 percent, to $78 a pound, Denver-based TradeTech said Oct. 12 in a weekly report. Approximately 800,000 pounds of uranium were sold in four transactions, the company said.

Uranium has fallen from a record $138 a pound in June. Prices doubled last year, spurring some utilities to build up inventories. Earlier this year, some buyers withdrew from the market as prices for the metal extended their advance.

Three of last week's transactions were at $75 a pound and the fourth at about $78, TradeTech said. Uranium priced in euros has risen twice this month, according to data compiled by TradeTech.

Demand for supplies for delivery over the next 10 years has emerged, although the price was unchanged at $95, TradeTech said.

To contact the reporter on this story: Christopher Donville in Vancouver at [email protected]

Last Updated: October 14, 2007 13:55 EDT