Thread by @quakes99

Cameco $CCO $CCJ Conference Call is now over. Here are a few tidbits:
Purchases have increased to 21-23M lbs #uranium for 2019 calendar year. 12.7M lbs committed purchases so far. Will also begin purchasing for 2020 needs later this year. 70% of buying will be in Spot market...

Increase of 2M lbs in contracts was due to clients wishing to add some lbs to existing deliveries. Off-market discussions increasing with utilities on term contracting. Definite rise in #nuclear utility interest since 232 removed border trade issue...

Cameco says still lot of undisciplined producers/sellers in both Spot and Term markets keeping prices from recovering, but volumes of material dropping. Also took a shot at developers who are promising to bring on supply even tho unrealistic at current prices, not helping...

#Japan has transitioned from outflow to inflow in terms of #uranium trades. Reactors that are running need supply so Japanese utilities are wanting new contracts for those, while rest of reactor fleet gets sorted out...

#Nuclear demand continues to rise on increased urgency for #CleanEnergy that is #CarbonFree, #CleanAir, #ClimateCrisis and rise in #EV charging demand as #uranium supply continues to fall and supply risks increase...

New US Working Group is looking at whole front end of #Nuclear Fuel Cycle and most likely outcome is regulatory/policy/legislative changes that will be positive for #nuclear power generation that will enhance whole fuel cycle from #uranium mining through fuel fabrication...

Fundamentals continue to strengthen for #uranium. Secondary Supply is dropping as far fewer underfeeding lbs entering Spot market. Enrichers have been putting them towards term contracts instead. DOE cessation of Spot dumping also cutting secondary supply...

The rapid rise in #uranium conversion pricing is a sign of what they expect to eventually see transition into #U3O8 prices in the future, as that transition must occur in order for their to be a healthy uranium industry...

They expect #uranium market to be relatively quiet until September when WNA Symposium usually signals the start of the next #nuclear utility buying cycle. Cameco will be ramping up its Spot purchasing in September as it fills this calendar needs plus begin 2020 buys...

Clean-up of excess #uranium supply is well underway and signs are that desperate sellers may be running low now on inventory. The removal of excess supply is "not as elusive as people think". Sticking to strategy & expecting price transition coming & waiting for higher prices.

All in all, I'd say Cameco are very bullish on #uranium market going forward... but are playing a game with Spot sellers, holding cards close to their chest and looking to buy their pounds at cheapest price they can get. They don't want to signal "urgent buyer" to Spot sellers.