Uranium

Uranium futures approached $50 per pound in January, the highest mark in nearly six weeks, as volatile energy markets and carbon-cutting goals continued to support demand for nuclear fuel. The US Department of Energy purchased 300 thousand pounds of U3O8, kicking off its earlier solicitation to buy 1 million pounds with up to $75 million in contracts for the strategic uranium reserve. Among other major players, Japan ordered the development of new power plants and approved the restart of 17 shut-down reactors, marking a historical pivot of confidence in the sector since the 2011 Fukushima meltdown. Further, China’s nuclear authorities expanded construction capacity to increase their power plant building objectives to 10 new reactors per year.

Historically, Uranium reached an all time high of 148 in May of 2007. Uranium - data, forecasts, historical chart - was last updated on January of 2023.

Uranium is expected to trade at 49.89 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 52.99 in 12 months time.