An early-August rally in the uranium spot price ended after the market learned that a potential deal with an investment fund for up to 1 million pounds of U308 will not close anytime soon, if at all, price publishers and market sources said. Since the, the price has steadily weakened.
Price publishers TradeTech and Ux Consulting both lowered their weekly uranium spot price by 75 cents/lb to $35/lb, Friday and Monday, respectively.
"While it was never guaranteed that the buyer would purchase, the possibility that up to 1 million pounds of supply could be removed from the near-term market had served to create some upward price pressure," TradeTech said in its weekly report Friday. "Now that it is clear the purchase will not go forward, at least for the time being, seller optimism has waned."
