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Uranium Futures Trading Begins Next Month as Prices Soar

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posted on Apr, 23 2007 @ 06:21 PM
The New York Mercantile Exchange will begin trading commodity futures based on uranium oxide May 7th. Prices of uranium and stocks in uranium mining companies have risen dramatically over the past year as more nuclear power plants have been planned in response to higher petroleum prices.

World Nuclear News

Uranium futures will be tradable for the first time from 7 May this year on the New York Mercantile Exchange (Nymex). The exchange has partnered with Ux Consulting to provide marketing and education for financially-settled contracts which would provide price benchmarking.

A joint statement by the two parties said the initiative would provide the industry with a transparent 'price discovery mechanism'. Nymex chair Richard Schaeffer said the "innovative" uranium trading would act as a "complement to both our [Nymex's] energy and metals product offerings." The uranium futures would be traded on Nymex's electronic trading platforms, which the company said offers trading and clearing "almost 24 hours each day."

Please visit the link provided for the complete story.

There's been very little coverage of this, but I think it's big news. Now everyone will be able to speculate on uranium prices just as they can now with petroleum.

Related News:
Market Oracle UK
PR Newswire

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