Nuclear industry insiders said they did not believe Japan's nuclear disaster would be more than a blip in terms of its effects on the price of uranium, Commodity Online reported. Patricia Mohr of Scotiabank Group was quoted as telling the Business News Network that the price of uranium was "going to move irregularly up. By around 2013 we'll be looking for at least $90 US per pound. Mostly because of a doubling of China's nuclear objectives over the coming decade."
The spot price of uranium oxide fell 27 percent to about $50 a pound in the days after the beginning of the crisis in Japan, but it has gone up 20 percent to more than $60 a pound in the meantime. Investors have taken the current price to be a buying opportunity, Commodity Online reported. President Barack Obama has maintained his support of nuclear power as an alternative to carbon-based generation, and despite a temporarily halt in permit approvals, China has said it would begin construction on a new nuclear plant this month.
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