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Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

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Someone Likes Cheap Uranium

The spot uranium market hit another new low in July.

Spot Uranium prices slipped to $34.50 per pound during the month. Down over 20% since the beginning of the year.

It's true that the spot price is a bit of a misleading indicator. Volumes traded at spot are tiny compared to uranium bought on long-term contracts (where prices are sitting at a more muscular $55 per pound).

But there is something the spot market may be telling us. That buyers are starting to get interested at current prices.

While prices have been falling in 2013, spot market volume has actually been strengthening. The spot market so far this year has seen 181 transactions, for a total of 26.27 million pounds. Up 32% from January-to-July 2012.

This is a significant increase in activity. Suggesting that low prices are enticing buying into the market.

It's a small amount, unlikely to have a material effect on the supply-demand balance. But it might provide a useful barometer of buyers liking what they see at this price level.

If fuel buyers think it's a bargain, it might be a sign prices have fallen far enough.

Here's to finding the floor,

By. Dave Forest




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