By Greg Peel

A speculative buy order which hit the spot uranium market a few weeks back looking for sellers at the right price was withdrawn two weeks ago, leading to some scrambling selling and a US75c fall in spot. The dust of that episode settled last week so it was back to typical, under-committed business.

There was some initial buying interest at the lower price level, industry consultant TradeTech reports, but early gains in price were soon reversed as the sellers pushed back. Five transactions totalling 900,000lbs of U3O8 equivalent were concluded last week and by week's end TradeTech's spot price indicator remained unchanged week on week at US$35.00/lb.

TradeTech notes one US utility seeking 200,000lbs selected a preferred supplier during the week.

Two transactions were also concluded in the term market last week but affected no change to TradeTech's price indicators of US$39/lb (medium) and US$54/lb (long).

Several utilities are continuing to assess offers for supply over delivery periods ranging from 2015 to 2025, the consultant reports.