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More uranium produced, but prices continue downward

Uranium Stocks Build Momentum but Prices Remain Weak,  Equity Research on Cameco Corp & Denison Mines NEW YORK, NY, Nov 24, 2011 (MARKETWIRE via COMTEX) — “………While uranium stocks are on the upswing on long term optimism and takeover speculation, the spot price for uranium remains low. The spot uranium price dropped to slightly below $53 a pound U3O8, according to price publishers TradeTech and Ux Consulting, as little new buying interest emerged over the past week in the spot uranium market. Ux noted in its Monday report that a number of buyers and sellers already have met their volume expectations for the year — not surprising given volume levels posted since July…..

Cameco Corp reported…net profit fell 60 percent ….. Denison Mines  As a result of the events in Japan in March 2011, the uranium spot market demand has declined and the price has been trading in a range of $50.00 to $55.00 per pound. In response to these weaker market conditions, Denison has deferred uranium sales to later in the year.

November 25, 2011 - Posted by | business and costs, Canada, Uranium

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