NYMEX uranium futures have been trading above $31 per pound for the first time since August 2020, after President Joe Biden announced a plan for clean-energy infrastructure cementing a global trend towards energy and lower-carbon solutions while inventory is starting to be depleted. Meantime, the world’s largest uranium producer Kazatomprom, which saw inventories dropping by 21% in 2020, said last March it could start buying the nuclear fuel in the spot market. Uranium prices had fallen since hitting a near 4-year high at $34 in May 2020 due to an oversupplied market and subdued demand, especially from utilities.
Historically, Uranium reached an all time high of 1349 in September of 2020. Uranium - data, forecasts, historical chart - was last updated on April of 2021.
Uranium is expected to trade at 30.24 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 28.76 in 12 months time.