The price of raw uranium jumped above $48 a pound in mid-October, moving closer to a nine-year high of $50.8 hit last month, as the ongoing global energy crisis and the broader transition away from fossil fuels have forced leaders across the world to reconsider nuclear as a clean and bankable source of energy. France, which gets 70% of its electricity from nuclear, announced plans to build multiple new, small nuclear reactors that could be exported to its energy-starved neighbors. At the same time, Japan's new prime minister Fumio Kishida recently told Parliament that the country needs to restart nuclear power plants, as renewable energy sources like wind and solar will not be enough to power Japan in the coming years. In September, the International Atomic Energy Agency upgraded its projection for nuclear energy and now expects global nuclear-generating capacity to double by 2050.
Historically, Uranium reached an all time high of 1349 in September of 2020. Uranium - data, forecasts, historical chart - was last updated on October of 2021.
Uranium is expected to trade at 39.19 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 41.31 in 12 months time.