Washington (Platts)--8May2007

The spot price of uranium has jumped to $120 a pound U3O8, up $7,
according to price reporting companies Ux Consulting and TradeTech. 

     The increase, according to both companies, was the result of buyers
trying to entice sellers into offering material by submitting bids with prices
above the then-prevailing spot price of $113/pounds of U3O8. 

     But sellers appeared unresponsive, TradeTech said it its weekly report,
adding that Texas-based Mestena Uranium is expected to offer uranium for sale
in an auction later this month and that possibility has encouraged a "wait and
see" approach on the part of several potential sellers.

     Ux Consulting said the first trading day for the new NYMEX uranium
futures contract saw limited activity with 26 contracts, representing 6,500
pounds of U3O8, being traded. NYMEX Tuesday said the June 2007 uranium
contract settled Monday at $135/pound, while the January 2008 contract settled
at $150.50/pound.

		--Mike Knapik, newsdesk@platts.com