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Sep 12, 2014 - Market participants gathered this week in London for the World Nuclear Association’s annual Symposium. Over 500 delegates attended the conference to discuss a variety of topics affecting the nuclear fuel market, including challenges of new nuclear build financing. Outside of the Symposium, attentions were focused on a number of issues that have contributed to market uncertainty and to a lack of market clarity. One factor that has created a cloud of uncertainty in the market is Cameco’s labor dispute and the lockout of workers at its McArthur River Mine and Key Lake Mill in Canada. However, late today Cameco announced that it had reached a tentative agreement with the union and production could soon be returned to previous levels once a final agreement is reached. Another topic creating uncertainty was the decision by the European Union (EU) and the USA to impose stiffer economic sanctions on Russia as a result of political events in Ukraine. The latest round of sanctions does not specifically address nuclear fuel, but with each new order of sanctions US and European utilities are growing increasingly anxious and, if not nervous about existing commitments, certainly concerned about entering into new contracts with Russia. The spot uranium market responded by continuing to move up with five transactions are reported this week; buyers included both utilities and intermediaries. Prices in transactions concluded near the end of the week edged higher. TradeTech’s Weekly U3O8 Spot Price Indicator is $33.00 per pound U3O8, an increase of $0.75 from last week’s value and up $0.50 from the September 11 Daily U3O8 Spot Price Indicator. read more