TradeTech's uranium spot price has reached reach record levels in December with the indicator at $86.00 per pound uranium oxide (U3O8) on December 15—its highest level in nearly 16 years.
ENGLEWOOD, Colo., Dec. 16, 2023 /PRNewswire-PRWeb/ -- TradeTech's uranium spot price has reached reach record levels in December with the indicator at $86.00 per pound uranium oxide (U3O8) on December 15—its highest level in nearly 16 years.
TradeTech's Weekly Uranium Spot Price Indicator has increased 76 percent in 2023 and volatility in the Indicator is at 24.7 percent as it approaches a 16-year-high amid growing global support for nuclear power and uranium supply concerns linked to the arrival of investor interests as well as the potential for restricted supply due to geopolitical tensions.
"The spot uranium price, which has been under upward pressure for most of this year, increased again this week as bipartisan support for banning Russian nuclear fuel imports into the USA after 2028 is gaining momentum," said TradeTech President Treva Klingbiel.
"The uranium market has been exhibiting the effects of increased demand and limited availability, and the ambitious goals set out at COP28 will mean that the industry will need government and private industry support to meet its needs in the coming years. Today, uranium market participants face an environment characterized by both rising spot and long-term prices, combined with a significant gap in availability of material in the 2025-2028 time frame," Klingbiel explained.
The United Nations' recent COP28 climate conference ended with a Global Stocktake that calls for a transition away from fossil fuels and an acceleration of zero- and low-emission technologies, including nuclear energy. Notably, this marks the first time nuclear energy has been formally specified as one of the solutions to climate change in a COP agreement.
About TradeTech
TradeTech launched its Daily Uranium Spot Price Indicator in March 2011, which is provided to subscribers worldwide. The company's "Nuclear Market Review" (NMR) is published each Friday evening, and reports the Weekly Uranium Spot Price Indicator, uranium trading activity, industry news, and market data. The monthly edition of the NMR, released on the last day of each month, includes TradeTech Market Values (Exchange Value, UF6 Value, Loan Rate, Conversion Value, SWU Value, and Transaction Value) and Mid- and Long-Term Uranium Price Indicators and Production Cost Indicator, as well as analysis related to price determinations, supply/demand information, and industry and financial news. TradeTech also publishes "The Nuclear Review," a monthly E-magazine dedicated to the international uranium and nuclear energy industry, and a quarterly "Uranium Market Study," which includes near- and long-term forecasts.
TradeTech—and its predecessor companies—has supported the uranium and nuclear fuel cycle industry for more than 50 years and is widely recognized for its expertise in trading activities and its comprehensive knowledge of the technical, economic, and political factors affecting this industry. TradeTech provides expert market consulting, has relationships with international nuclear fuel buyers and sellers, and maintains an extensive information database on these industries.
Media Contact
Treva Klingbiel, TradeTech, 1 3035733530, [email protected], www.uranium.info
Gail Fox, TradeTech, 1 3035733530, [email protected], www.uranium.info
SOURCE TradeTech
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