Uranium Consumers Delay Purchases

According to TradeTech uranium-oxide concentrate for immediate delivery fell $2, or 3.7 percent, to $52 a pound last week as utilities delayed purchases until the 2009 calendar year.

“The severe economic environment seems to have created a greater sense of urgency for some year-end sellers than in previous years,” TradeTech said. “The majority of the buyers have no budget left in 2008.”

Uranium prices gained $10 a pound in November after major producers such as Cameco (NYSE CCJ) announced production cuts.