Continued Uranium Weakness

Posted by webmaster in ccj, DNN, spot price, Uranium Stocks on 10 16th, 2008 | no responses

The continued pressure in the current bear market is accelerating losses amongst uranium shares.

The spot price for uranium has fallen off a cliff over the past four trading sessions, dropping from a steady rate of $65 to the current level of $46.

While some will argue about the actual validity between spot price and contract price, one thing is for certain. Uranium stocks have taken a beating off late.

While some were hoping that things couldn’t possible get any worse, we now see Cameco and Dennison testing current and multi-year lows.

3 Month CCJ Chart

CCJ Price as of Oct 16th: $12.14
52 Week Trading Range: $12.00 – 52.33

5 Day DNN Chart

DNN Price as of Oct 16th: $1.32
52 Week Trading Range: $1.32 – $8.72

At this point uranium stocks have fallen to the wayside amongst commodity investors. It’s becoming more and more difficult to stay “rosy” about the sector at this point.