Uranium Prices to Nearly Double by 2010

Source:

"Long-term prices are still resting at $69.00 per pound U308."

TradeTech reported today that their U308 Weekly Spot Price Indicator has lost a mere U.S.25 cents to $42.25 per pound U308 amidst continued speculative buying interest. Low prices and resurgence in nuclear power use are spurring buying interest. Long-term prices are still resting at $69.00 per pound U308.

Standard Chartered brokers believe the outlook for uranium remains positive. Supply levels are decreasing and utilities companies are looking to secure reliable sources. The Deutsche Bank is in agreement and expects prices to nearly double (US$80 per pound) by 2010.

Chinese utilities are already actively planning to stockpile uranium and China is prompting companies to build supplies and purchase foreign uranium resources, said Cao Shudong, Vice Director of the Power Department in the National Energy Administration. China is expected to raise its initial 2020 nuclear power capacity target of 40 million kilowatts by more than 75 million kilowatts, reported Bloomberg.

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