The daily uranium spot price Tuesday was $18.50/lb U3O8, down 25 cents from a week ago, as a renewed effort by financial intermediaries to conclude deals to raise cash was a factor in depressing the price, according to market sources.
The spot price has held unchanged since price reporter TradeTech put it at $18.50/lb November 10. The company reported it at $18.60/lb November 9 and at $18.75/lb the previous day.
The November 15 daily U3O8 spot price is down nearly 46% from the $34.10/lb it reported January 1.
"There are parties out there who find their [uranium] holdings must be liquidated because they need to raise cash ... and they're trying to get anything they can for the material," one market source said Friday.
A second market source interviewed that day said a buyer, whom he declined to identify, told him November 10 that there will be "more material available in the market by the end of the year." The source added, "we're seeing modest demand and when it comes out suppliers, almost entirely traders, want to close out transactions to raise cash so they drop their price by small increments."
"The price is still weak on the downside," the source said, "and it's a reflection that there's six weeks left in the year and people are beginning to take off for the holidays. We're looking at the equivalent of Black Friday sales in this market."
TradeTech reported a weekly spot price Friday of $18.50/lb, down 25 cents from the weekly price it reported November 4.
Price reporting company Ux Consulting's market report for the week ended Monday put the weekly spot price at $18.50/lb, down 25 cents from the previous week.
Ux reported a Broker Average Price Tuesday of $18.56/lb, unchanged from the Monday. It said the bid-offer spread Tuesday was $18.38-$18.75/lb, with both the bid and offer unchanged. The BAP is based on information from Evolution Markets and Numerco Ltd., according to UxC.
The Nuclear Fuel range for the week is $17.85-$18.50/lb.
