05.11.202511:57:58UTC+00Uranium Eases from 1-Month High

Uranium futures recently slipped below $80 per pound, retreating from their one-month peak of $82.5 observed on October 31st. This decline was primarily driven by emerging evidence of increased supply, which counteracted the recent uptrend in prices fueled by anticipated rising demand since March. Kazatomprom, the world’s largest uranium producer, announced a 33% surge in exports during the third quarter, alongside a 10% boost in overall production. These figures have allayed fears of a supply crunch, particularly after earlier guidance forecasted a potential 10% drop in output by 2026. As a result, the bullish momentum for uranium futures, which had soared to a 14-month high of $84, was curtailed. The price rally had been underpinned by geopolitical and environmental concerns, prompting governments to invest heavily in nuclear energy as a low-carbon solution. Consequently, the United States has unveiled plans for new nuclear power facilities and eased regulatory requirements for the building and operation of uranium conversion and enrichment plants. This trend was underscored by the partnership between Canada's Cameco and Brookfield Asset Management, as well as the U.S. government's approval of the development of Westinghouse nuclear reactors.