Spot uranium prices dropped from $65 in the summer to $44 in the autumn but the always erratic material now is selling at $53/lb. While requirements by utilities will be low in 2009, India will return to the market later in the year, says economist Patricia Mohr at Scotiabank in Toronto, “and prices should rebound to $70 in the medium-term.” For the year 2008, uranium yellowcake cost an average $87/lb, up from $69 in 2007.
Abare, the Australian government economic research agency, agrees that “the marked weakening in world economic growth has placed significant downward pressure on world prices for energy commodities. However, it has a slightly more-bullish forecast for the 2009 price of uranium of $93 because it sees expanded developing world growth in nuclear power plants. As was reported earlier, analysts at RBC Capital Markets, in their latest quarterly update, predict average annual prices in the range $70-90/lb over the next decade.
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