Uranium prices held close to $90 per pound in April, trading near their highest in a month, as bullish long-term demand and persistent threats to near-term supply magnified speculative buying from physical trusts. Utilities continued to flag risks to the availability of nuclear fuel, recently underpinned by the suspension of activity in Baltimore’s port following the collapse of its bridge, while clearing issues for enriched Russian uranium due to sanctions on insurers interrupted selected shipments. This was magnified by renewed expectations that the US might sanction imports of Russian nuclear fuel after going ahead with restrictions on base metals. Hence, the Sprott Physical Uranium Trust completed a purchase of 100,000 pounds of U3O8, which in turn, prompted buying from other speculative buyers. On the demand side, the US and 20 other countries announced plans to triple their nuclear power by 2050. China leads the nuclear energy bets, currently building 22 of 58 global reactors.
Uranium decreased 2.20 USD/LBS or 2.42% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Uranium reached an all time high of 148 in May of 2007. Uranium - data, forecasts, historical chart - was last updated on April 25 of 2024.
Uranium decreased 2.20 USD/LBS or 2.42% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Uranium is expected to trade at 92.34 USD/LBS by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 103.99 in 12 months time.