Cameco Shares Fall After Weekly Uranium Price Declines
Cameco Corp. (CCO), Canada’s largest uranium producer, fell the most in six weeks in Toronto after the price of the nuclear fuel dropped.
Cameco slid C$1.59, or 4 percent, to C$37.89 at 4 p.m. in Toronto Stock Exchange trading, the biggest decline since Jan. 20. The Saskatoon, Saskatchewan-based miner has fallen 6 percent this year.
The price of uranium for immediate delivery declined $2.75, or 4 percent, to $66.75 a pound from a week earlier, TradeTech LLC, a uranium industry information service, reported March 4.
“Uranium was just beginning to rebound after falling sharply in February when a seller unexpectedly entered the market offering over 800,000 pounds” of uranium, TradeTech said in its March 4 report.
To contact the reporter on this story: Christopher Donville in Vancouver at cjdonville@bloomberg.net
To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net
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