Uranium hits new high

THE uranium spot price surged again at midweek, rising 8.1% to $48.55 per pound.
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It is the highest price for uranium since September 2012.
The spot price was just $30/lb only a month ago but has been boosted by physical purchases by the Sprott Physical Uranium Trust. 
According to Canaccord Genuity, SPUT has purchased 7.9 million pounds of uranium oxide since August 17 and now holds equivalent to 15% of global demand.
"Uranium is being purchased nearly every day, with the fund having bought pounds in 18 of the 20 possible days that new shares could be issued," analyst Katie Lachapelle said.
"We expect the trust will continue to have an active bid in the market, putting further upward pressure on prices.
"Demand remains extremely strong; the trust hit a record $175 million in trading volume on September 14 and issued $73 million in new units to purchase more uranium."
Oil rose 3% to $72.61 a barrel, while gold dropped back below $1800 an ounce to $1795/oz.
The MySteel 62% Australian iron ore fines price fell 2.8% to $120.50 per tonne, its lowest level since October last year.
Base metals rose, except for lead. Nickel, aluminium and copper all rose by about 2%.