Uranium Spot Price Climbs to 15-Year High on Nuclear Renaissance
Uranium spot prices reached their highest level in 15 years as nuclear energy receives renewed political support globally and supply from major producers remains constrained.
Uranium spot prices reached their highest level in 15 years this week, trading above $90 per pound as nuclear energy receives unprecedented political support globally following commitments from over 20 nations at COP29 to triple nuclear capacity by 2050. Supply constraints from major producers compound the demand picture. Kazakhstan's Kazatomprom, which supplies approximately 22% of global uranium, has reduced production guidance citing sulphuric acid shortages and infrastructure delays. Niger's political instability has disrupted supply from several Western-operated mines. The combination of structural demand growth from existing reactors requiring fuel and the pipeline of new reactor construction in China, South Korea, and increasingly Europe and North America creates a multi-year fundamental case for elevated uranium prices. Signalix has been flagging uranium as a high-conviction long since $65 per pound. We are raising our 12-month target to $105.
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