NYMEX Closing Prices As Of May 25, 2007
June 2007 Contract
$134.90
December 2007 Contract
$144
January 2008 Contract
$150
Rio Tinto Predicts Uranium Market To Remain Tight Until 2012
“The market is likely to be tight to 2012, and potentially beyond,” Rio Tinto energy CE Preston Chiaro said in a presentation posted to the company’s website, citing the World Nuclear Association.
Rio Tinto also announced a project to extend the life-of-mine at its Rossing uranium mine, in Namibia, which began production in 1976.
Uranium Futures
NYMEX Closing Prices As Of May 18, 2007
June 2007 Contract
$134.90
December 2007 Contract
$145
January 2008 Contract
$150
Canada's Southampton Ventures Inc, Delta Exploration Inc and UraMin Inc., Britain's COJ Commodity Investments Ltd., Agadez Ltd. and Indo Energy Ltd., and India's Taurian Resources Pvt Ltd. are among the firms granted uranium exploration permits by the African country of Niger.
A total of 23 permits were granted, allowing the companies to explore in Niger's Arlit and Tchirozerine regions, which consist of vast swathes of land in the southern Sahara desert.
The companies are expected to invest $55 million in exploration activities over the next three years.
Niger is the word's third largest producer of uranium.
TradeTech has increased U3O8 spot prices to an all-time record of US$120 per pound in advance of Monday's startup of on and off-exchange traded uranium futures on the New York Mercantile Exchange, Inc.
This represents an all time record high for spot Uranium.
In other Uranium news, Uranium Resources, Inc. (NASDAQ: URRE), a uranium exploration and mining company with resources in Texas and New Mexico, announced today that it will release its first quarter 2007 financial results after the close of financial markets on May 10, 2007. The company will host a teleconference to discuss the results on May 11, 2007 at 10:00 a.m. ET.
7 Things You Should Know About Uranium Futures
by Christopher J. NortonOn April 16, 2007 The New York Mercantile Exchange signed a 10-year agreement with the Ux Consulting Company, LLC to introduce on and off-exchange traded uranium futures. The futures products are set to debut on May 6 for trade date May 7 on both the CME Globex and NYMEX Clearport electronic platforms.
1. Trading Units
NYMEX Uranium Futures will trade in units of 250 pounds of U308.
2. Price Quotations
NYMEX Uranium Futures will trade in U.S. dollars and cents per pound.
3. Minimum Price Fluctuation
NYMEX Uranium Futures will trade with a minimum price fluctuation of 5 cents.
4. Trading Hours
NYMEX Uranium contracts are available for trading on the CME Globex® and NYMEX ClearPort® electronic trading systems from 6:00 PM Sundays through 5:15 PM Fridays, Eastern Time. There is a 45-minute break each day between 5:15 PM and 6:00 PM.
5. Last Day Of Trading
NYMEX Uranium Futures terminate at the close of business on the last Monday of the contract month. If the last Monday in the contract month is not a business day, trading shall terminate on the last business day prior to the Monday that is not a business day.
6. Settlement
Financial, based on the spot month-end U3O8 price published by Ux Consulting Company, LLC.
7. Trading Symbol
NYMEX Uranium futures will trade under the symbol "UX".
Unlike most traditional commodity futures, NYMEX Uranium Futures are not linked to the physical material and are only financial instruments. This is due to the fact that the U.S. Nuclear Regulatory Commission is required to license individual storage facilities.
Uranium producers are poised to benefit from the increased liquidity and transparency of the NYMEX market. Increased hedging ability will allow end users to more effectively manage their positions within the marketplace.
Uranium has been in the midst of a tremendous bull market in which prices have risen from the mid $50 per pound range in mid 2006 to over $113 per pound. Spot uranium prices are up 1775% since January 2001. The debut of the NYMEX Uranium Futures Contracts should bring increased attention to already torrid Uranium market.
The New York Mercantile Exchange, Inc. announced margin rates for its new uranium futures contract that will begin trading on May 6 for trade date May 7.
Margins will be $2,500 for clearing members, $2,750 for members, and $3,375 for customers.
The intra-commodity spread margins will be $500 for clearing members, $550 for members, and $675 for customers.
Gold Fields CEO Ian Cockerill announced on Thursday that the company has received interest from various parties seeking to acquire GFI's uranium assets.
Cockerill stated that GFI is debating the current options which include selling the assets or entering into a joint venture with an uranium producer.
John Munro, head of corporate operations at Gold Fields, stated that the company currently owns 65 million pounds of uranium at it's Beatrix mine.
Now that the Labor Party has overturned its no new uranium mines policy, South Australian Premier Mike Rann says he will fast-track 100 applications for uranium exploration licences.
Labor scrapped its uranium policy at its national conference at the weekend.
Mr Rann says there are 60 companies in South Australia with 160 exploration licences for uranium, with another 100 in the queue.
"What we'll be seeing is a rush for exploration licences," he said.
Jason Kuchel from the South Australian Chamber of Mines and Energy says companies that have found substantial deposits have so far been reluctant to move ahead.
"Prior to the Labor conference on the weekend those companies were unsure of whether or not they would be able to proceed," he said.
Mr Kuchel expects companies to apply to open new uranium mines within 12 months.
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