Uranium prices appear to be bottoming, as China buys major supplies from Cameco (NYSE:CCJ). On June 24, China agreed to buy more than 10,000 tons of uranium oxide – yellowcake – over 10 years from Cameco.
According to Thomas Neff, a physicist and uranium industry analyst at the Massachusetts Institute of Technology, China is buying unprecedented amounts of uranium. Based on public information, China may purchase about 5,000 metric tonnes of yellowcake this year. That's more than twice as much as China consumes.
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BP Near-Term Quandary
BP has successfully capped their leaking oil well… mostly… for now… probably. Though the hole is capped, seeps are already emerging, the Coast Guard said this morning. Plus, the cap is just a temporary solution until a relief well can be completed… then there's that whole issue of the ? million gallons of oil in the Gulf.
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