Uranium Exec Voices Bullish Outlook
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the tickerspy.com Staff, On Tuesday July 27, 2010, 1:40 pm EDT
Last week we noted some expert forecasts for a continued uranium supply glut that some believe will extend through 2012, but Uranium Energy (AMEX: UEC - News) CEO Amir Adnani believes quite the contrary. In a letter to shareholders, Adnani said, "Throughout the industry, demand far exceeds supply on both a global and local-U.S. basis for now and the foreseeable future." Yesterday, Adnani explains, "spot uranium prices moved up to $46/lb, a jump of $4.25" or 10.2%. While short-term volatility in the relatively illiquid uranium spot market hardly fortify the case for long-term appreciation, Wall Street has turned bullish on miners over the last week.
As a whole, the Uranium Stocks Index has gained 13% in the last five sessions with Denison Mines (AMEX: DNN - News), Uranium Energy, and Uranerz Energy (AMEX: URZ - News) running by 20% or more.
Currently, Cameco (NYSE: CCJ - News), which signed a supply contract with China Nuclear Energy Industry Corporation back in June, and USEC (NYSE: USU - News) are member-favorites as indicated by aggregate holdings among tickerspy's more than 60,000 user-generated portfolios. Both stocks are among laggards over the last week, outperforming only Uranium Resources (NASDAQ: URRE - News) -- the Index's only loser for the period.
It will be interesting to see whether the uranium sector can keep its second-half momentum alive. As of this writing, the Uranium Stocks Index is on top of tickerspy's one-week Index performance rankings, and investors can track it for performance trends and a suite of other metrics at tickerspy.com.
