How High Will Uranium Go In 2007?

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According to Uraniumseek.com, Ux Consulting’s Jeff Combs, who presented a paper to the World Nuclear Association Symposium, this past September, noted that mid-year 2006 production from some of the world’s largest uranium mines had fallen short of their targets.

...During 2006, less than 26 million pounds of U3O8 equivalent changed hands in the spot auctions. This is a relatively small quantity compared to the annual uranium requirements of more than 175 million pounds, or the quarter-billion pounds of uranium contracted by world utilities in 2005. According to Ux Consulting’s Jeff Combs, who presented a paper to the World Nuclear Association Symposium, this past September, mid-year 2006 production from some of the world’s largest uranium mines had fallen short of their targets...

What will happen over the early weeks of 2007? According to TradeTech’s latest Nuclear Market Review, “Current spot demand now stands at almost 6 million pounds U3O8 equivalent and is expected to increase over the next few weeks as new demand emerges.” NMR editor Treva Klingbiel explained in the January 5th issue, “Several buyers that were considering purchases are now faced with the harsh reality of much higher prices."

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