NYMEX uranium futures pulled back from an 8-month high of $31.25/pound as short-term oversupply concerns outweighed prospects of a strong demand despite inventories began to deplete. Canadian uranium producer Cameco plans to restart production this month at its Cigar Lake uranium mine after suspending operations last December due to Covid-19. 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 rebounded from an 11-month low of $27.6 touched in early March after President Joe Biden announced a plan for clean-energy infrastructure cementing a global trend towards energy and lower-carbon solutions.
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 29.60 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 28.15 in 12 months time.