uranium price to increase

Found this today from U3O8.biz Uranium Investing News July 8th 2010.

TradeTech's spot uranium price increased $0.25 to $41.00 per pound following several weeks of inactivity. The weekly spot price for the yellow metal on UXC also demonstrates buyers returning to the market as the price has surged $1.00 to $41.75 this week.

The strong demand activity is attributed to a number of buyers believing that the market price has reached the bottom and endeavoring to acquire material in anticipation of future price increases. Confirmation of this view was reinforced by the announcement that China has moved to obtain long-term contracts with primary suppliers. Although many market participants have extensively pointed to China's nuclear program as the impetus for future demand growth, the recent announcements validate opinions that the country is taking action now to secure future supplies.

The rush in buying interest comes just as the US Department of Energy (DOE) enters the market to sell the final lot of inventory being sold in 2010 to fund cleanup efforts at the Portsmouth enrichment facility.

Interesting based on MEY's decline in value due to uranium prices...!!! Let's see what the next 6 weeks with Europe into peek of summer.