By Greg Peel

Industry consultant TradeTech noted the week before last that buying in the spot uranium market had become "highly discretionary" and that participants were expecting flat to weaker prices in the near term. That scenario played out last week as a new order to sell 500,000lbs of U3O8 equivalent through to October caused existing sellers to tick down prices to encourage buying.

Producers were the sellers last week and utilities were the buyers, with traders also in on both sides, TradeTech reports. By week's end five transactions had been completed at reducing prices, totalling 750,000lbs of U3O8 equivalent.

TradeTech's weekly price indicator has fallen US$1.50 to US$51.75/lb. There were no deals in the term market where indicative prices remain US$58/lb (medium) and US$68/lb (long).

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