As major oil fields begin to lose production, uranium prices spike up. The uranium price is now up 57% since the start of 2007, and is trading at the highest price since uranium prices were first reported by Trade Teck in 1968. Trade Teck’s weekly spot uranium price set on Friday April 6 2007 was US $113/lb.
According to comments from Trade Teck, there was strong demand from all market groups including: producers, traders, utilities and investors. It is obvious that more and more utilities globally see uranium as their fuel of choice, and more and more nuclear utility facilities will be built in China and worldwide in the next few years.
Australia and Canada along with Russia produce a large amount of uranium for export.