U.S. uranium sales down as price soars

WASHINGTON, May 8 (UPI) — As the price of uranium surged another $7 over the past week, the U.S. Energy Department may scale back its inventory sale and open a strategic reserve.

Uranium prices hit $120 per pound Monday, the weekly pricing date, on the heels of expected growing demand and a new futures trading product offered by the New York Mercantile Exchange and uranium analyst Ux Consulting.



Analysts like UXC President Jeff Combs attribute the low uranium price — around $10 through the 1980s and 1990s — to a market with a false bottom, since government inventories fed demand.

Governments like the United States, intent on addressing proliferation, controlled uranium programs. The inventory was also increased after the Cold War when weapons-grade uranium from the former Soviet Union was blended down to energy stock.

UPI