And the May '07 warrants of Uranium Participation Corporation finished the day up 33.43%.
It is starting to sink in for everyone just what this Cigar Lake news means. The supply/demand fundamentals were compelling for uranium before this happened. While I have not had time to do the math, I read somewhere today that, once up and running, the anticipated production from Cigar Lake was supposed to be equal to something like 18% of the world's current annual production. Problems announced in today's successive PRs are quite a hit to expectations about 2008 fundamentals. Seems to me the movement in the UPC warrants reflects the expectation that uranium prices during the next 6 months are going much higher than even the uranium bulls have been expecting.
CCJ's stock should bounce back tomorrow, especially in view of the contract protection described in this afternoon's PR. And things may get pretty wild again in the uranium world.
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