Cameco Hits 52 Week High on China, Supply Concerns

Posted by webmaster in Cameco, ccj, Featured Articles, Uranium News, Uranium Stocks on 11 10th, 2010 | no responses

Recent news regarding China, along with well known production vs consumption data has given Cameco a recent boast, rising shares over 25% in only two weeks.

Here’s a chart that’s been making the rounds around the net regarding Uranium production vs consumption:

CCJ has had a great run-up of late and hit a 52 week high during inter-day trading on November 9th, reaching $38.56 US.

Considering that the stock was under $30 mid-day on October 30th and it’s fair to say that Cameco is on a roll.

Recent China Uranium power news (they are committed to exanding their nuclear power consumption considerably) pushed volume rates to more than 3 times the normal average.

January 2012 options remain bullish, with $40 strike levels currently trading at a $4.10 premium, although put side action in the $30 and $25 strike levels remains heavy.

Has the market topped out? We’ll have to see. The options market appears to be split. As always, time will tell.