Part of the Stock Digest group of websites: Visit Tech Stock Digest  

Forecasts for uranium price all point up

Uranium was the glaring exception amid a broad-based rally in metals and minerals in 2016. The price of U3O8 fell 41% in 2016 with the industry tracker UxC's broker average price hitting 12-year lows below $18 per pound in November.

After top supplier Kazakhstan announced in the second week of January that it's cutting output by 5.2 million pounds, equal to 3% of global production, the price rallied, hitting $26.75 a pound by mid-February.

But Japanese utility TEPCO’s declaration of force majeure on a key uranium delivery contract from Cameco Corp. (CCO-T), the world's top listed uranium producer, dampened enthusiasm.

And news in April that the US dept of Energy is making cuts to the amount of uranium that it disperses into the market (as much as 1.1m pounds per year less) did little to buoy sentiment, not to mention bad news surrounding nuclear power including the first new reactor to be built in the UK in a generation and risks to the US industry.

Click here to continue reading...

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.

MARKET SUMMARY

INDICES

Name Last Change
DOW 21580.10 31.71
S&P 500 2472.54 0.91
NASDAQ 6387.75 2.2480
TSX 15183.13 81.51
TSX-V 760.88 3.65

Resource Commodities

Name Last Change
Gold 1255.03 10.45
Silver 16.52 0.19
Copper 2.71 0.24%
Platinum 935.00 0.000
Oil 45.77 2.51%
Natural Gas 2.97 2.46%
Uranium 20.25 N/A
Zinc 1.24 0.0104

@RSDigest ON TWITTER