– UxC Uranium Spot Price climbs most in 14 months: +$4.25/lb to $46/lb U3O8! Following Friday’s $2/lb move higher for Tradetech’s spot price indicator, last night UxC announced that its spot price increased by $4.25 to $46/lb U3O8 as demand picked up considerably over the past week while sellers backed away. Last night’s move is the largest single week increase since a $5/lb move higher in May 2009. However, UxC notes that over the last three years, no price increase has lasted longer than six weeks as the sharp moves higher scare off potential buyers. The big question: “is it different this time?”. Scotia Mining Sales thinks so, given the increased demand from China (as noted by the recent off take agreement with Cameco) and supply issues (ERA’s Ranger and ConverDyn’s Metropolis conversion facility). See our Chart of the Day below for uranium spot price vs. the uranium miners share price performance over the past couple years. While DML and UUU offer better torque to higher prices, don’t forget Cameco is the “go to” name for uranium.