Globe and Mail – The price of uranium surged to a record high this week, capping an extraordinary run for the radioactive metal, which has doubled in value over the past year on interest from hedgefunds, financial firms and speculative buyers.
The spot price for the material used to fuel nuclear reactors jumped 9.9 per cent from $65.50 (U.S.) a pound to $72, the biggest weekly gain yet, according to Ux Consulting Co. of Roswell, Ga., which publishes a uranium spot price each week.
“One of the things you have now is that the hedge funds are involved in the market, so you have some additional demand,” Ux Consulting president Jeff Combs said in an interview.
Hedge funds and financial investors now account for roughly a third of the uranium spot market purchases, according to Mr. Combs and other industry experts.
