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Gold/Mining/Energy : Uranium Stocks -- Ignore unavailable to you. Want to Upgrade?

To: TheSlowLane who wrote (13765)	7/30/2008 11:34:21 AM
From: siempre33	Read Replies (1) \| Respond to of 30310

Uranium prices start to rebound, copper demand increasing as banner year unfolds for potash, sulphur... In her latest “Scotiabank Commodity Price Index” report, economist Patricia Mohr notes that spot uranium prices have rallied back to US$64.50/lb from a low of only US$57 in mid-June. Author: Dorothy Kosich Posted: Wednesday , 30 Jul 2008 RENO, NV - Mineweb Scotiabank economist Patricia Mohr Tuesday declared that "a banner year" is unfolding for Western Canadian potash and sulphur producers. In her analysis, Mohr said that spot uranium prices appear to be rallying from a lower of only US$57 per pound in mid-June. "However, term contract prices (before escalation) fell from US$90 to US$80 in late June. Price retreated earlier this year alongside lower ‘uncovered utility requirements', though discretionary, off-market buying to take advantage of bargain prices has been substantial." Meanwhile, sporadic strikes and the threat of a national strike in Peru discouraged traders from shorting the copper markets "in view of very low exchange stocks," according to Mohr. "The growth of China's copper consumption will slow in 2008, though demand will still advance by at least 8% compared to 16% in 2007, offsetting weakness in the G7 and contributing to a 3.9% gain in world consumption," Mohr forecast. Copper-intensive air condition tube exports have been hurt by the U.S. housing downturn and a softer outlook for China's housing market has pared their domestic ACR demand. "An appreciating renminbi is also taking some toll on competitiveness," she noted. "However, power demand remains strong. Meanwhile, while spot potash prices have jumped to US$762.50 per tonne in July, the Belarussian Potash Company (BPC) and the world's largest potash exporter Canpotex have sold significant spot volumes for shipment to Asian markets during the fourth quarter at US$1,000 cfr (delivered standard grade) "and has advised customers that all new spot sales over the balance of 2008 to Southeast Asia, Brazil, and Latin America will be at the US$1,000 cfr level (US$1,025 for granular)." The result, Mohr said, is that prices at the Port of Vancouver will increase 211% year-on-year to about US$900 in the fourth quarter of this year. "To handle increased exports from mine expansion in Saskatchewan, Canpotex will almost double its West Coast port capacity by 2012, with a new terminal announced for Ridley Island and expansion at Neptune Bulk Terminals in Vancouver," she said. Mohr also noted that the Potash Corporation of Saskatchewan, which posted record earnings during the second quarter of this year, also intends to lift U.S. dealer prices for ‘granular material' by US$250 per short ton on September 1, "taking prices from US$522 (FOB mine in Saskatchewan) to US$722 (US$850.97 per metric tonne). " PotashCorp potash prices were only US$196 a year ago, she added. Meanwhile, Mohr advised that zinc prices remain profitable "though anticipation of substantial new mine supply has pressured prices." Mohr noted that Scotiabank's Commodity Price Index posted its sixth consecutive monthly record in June.