As reported by @numerco today, on June 20th, the uranium spot price keeps falling.
What’s interesting, though, is that while this is happening, the Chinese have been trying to sign “cheap” long-term contracts for the delivery of U308, but CGN (the Chinese uranium mining company) wouldn’t sign them at a fixed rate. They want to get spot on the date of delivery.
They recently signed a three-year contract at 40% fixed price (+$61/lbs) and 60% at spot.
This is showing the producers’ confidence that spot will be much higher than the fixed price ($61.78/lbs) at the time of delivery.
Here’s CGN’s full announcement: http://www.cgnmc.com/en_cgnmc/c20220121/2022-06/16/9328741808154074b9d21c77633a7b83/files/11080825cef648019ebaa6a4318b37e7.pdf
We’d very much appreciate SPUT’s giant pile of cash to be deployed into this market, as experts expect that to be the drop that spills the glass. They expect SPUT’s buying to cause more contracting, which will cause more contracting, which will cause more panic, which will cause more contracting, which will cause more panic and thus higher uranium prices.
Enjoyed examining this, very good stuff, thanks. “Nothing happens to any thing which that thing is not made by nature to bear.” by Marcus Aurelius Antoninus.
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