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Uranium Price Building On Gains

The uranium market had a lot going for it at the start of 2014, including the prospects of a Japanese nuclear reactor restart that now, at least partially seems to be close.

The end of the Russia-US megatons to megawatts program last August, eliminating a huge source of supply was also supposed to support the market that had been in a long-term decline since hitting all-time highs of $135 in 2007 and was devastated after the Fukushima disaster in 2011.

China's plans to approve six to eight plants a year through 2020 – part of its war on pollution – is still being worked at but so far the uranium price has shrugged all good indicators sliding to $28 a pound earlier this year, levels last seen in 2005.

That dragged the long term price, where most uranium business is conducted, down to $44, a six year low, where it continues to languish.

Haywood Securities in a new research note reports that the turnaround in the spot U3O8 price is gaining momentum, jumping 4.3% to $30 a pound this week.

The broker's average price tracked by the Vancouver-based independent investment dealer with $5 billion under management has enjoyed eight straight session gains, adding nearly 8% to $30.88.

Volumes in the spot market remain subdued however, and Haywood points out that purchases over the last three quarters appear to be entirely discretionary.

After an early 2014 run-up uranium stocks entered a sharp correction in March, but with many shares in the sector now lagging the spot price Haywood says it's "watching equities to stabilize and perhaps find some soft support."

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Way to early to for uranium stock investors to rejoice, but at least a bottom seems to be forming.

By Frik Els of Mining.com



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