Uranium Spot Price Reaches $120/lb After Futures Launch
Source: ResourceInvestor.com (5/7/07)
TradeTech increased uranium spot prices to an all-time record of $120 per pound in anticipation of today's startup of futures trading on the New York Mercantile Exchange.
A Ux Consulting Company (UxC) spokesperson told RI that as the current date gets closer to the futures settlement date, “you’re going to see the gap narrow” between the spot price and the contracts.
In mid-April, NYMEX signed a 10-year agreement with the UxC to introduce on and off-exchange traded uranium futures products on the CME Globex and NYMEX ClearPort electronic platforms. Today’s launch marks the first uranium futures trade in history.