Russia's oldest investment bank Troika Dialog is forecasting that Uranium prices may fall as low as $95 per pound within the next few months. However, Troika reiterated its target price of $115 for 2007 and $140 for 2008.

"We expect price growth to resume in autumn, when the active purchasing season starts," Mikhail Stiskin, an analyst at Troika Dialog stated in a report issued this week.

Ux Consulting reports that spot prices for Uranium slipped to $110 a pound for the week ending August 4.

Prices have been pressured by The U.S. Department of Energy’s sale of up to 200 tons of uranium hexafluoride (UF6,). Bids for this sale are due August 17.

NYMEX Uranium Closing Prices As Of August 3 2007

July 2007 Contract

$120

December 2007 Contract

$118

January 2008 Contract

$118

February 2008 Contract

$118

Shares of Cameco have been under extreme pressure in recent weeks. The next level of support is $37.50.

NYMEX Uranium Closing Prices As Of July 27 2007

July 2007 Contract

$120

December 2007 Contract

$118

January 2008 Contract

$118

February 2008 Contract

$118

ADVFN is an excellent resource for uranium news and analysis.

Cameco Corp.'s recent production disruptions could lead to a spike in Uranium prices.

On Friday Cameco announced that it was suspending operations at its Port Hope uranium conversion plant after uranium was found in the soil beneath the plant. Cameco has not speculated on the cost of the delay which is anticipated to last at least two months.

Spot uranium prices have been slipping in recent weeks but the loss of Cameco's conversion facility is likely to impact the supply of UF6 to the point where prices will be pushed upward.

NYMEX Uranium Closing Prices As Of July 13 2007

July 2007 Contract

$140

December 2007 Contract

$140

January 2008 Contract

$152

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NYMEX Uranium Closing Prices As Of July 6, 2007

July 2007 Contract

$140

December 2007 Contract

$139

January 2008 Contract

$152