The weekly price of spot uranium rose to $53/lb on Tuesday and is up 20% over the past month due to firm demand by nuclear reactors, traders said.

The price dropped to the lowest since May 2006 at US$44/lb on October 21, said Ux Consulting (UxC), a leading publisher of uranium prices.

"There are a number of parties out there buying ... it has got a little bit more to go here," said a uranium trader.

The silvery-grey metallic chemical element is bucking the trend in an otherwise falling commodity market with copper down 26% and oil 23% lower in the past month.

However, closer to the new year more sellers could enter the uranium market and put prices under pressure, he said.

"Publicly traded companies have some earnings or revenue targets that they are supposed to hit before the end of December so they will have to sell," he said. – Mining Journal