NYMEX uranium futures were trading above the $29 per pound mark in May, recovering from their late-April lows on the back of diminished inventories levels as aspiring miners are buying the commodity in a sign that the market for the nuclear fuel is heating up. Markets were already basking in the glow of improved demand sentiment as governments, including the US and China, see a role for nuclear power in their clean energy programs. Looking into the supply side, a restart of Cameco’s Cigar Lake mine remains highly uncertain, given a rise in coronavirus infections in Saskatchewan. If this environment persists, a wider supply-demand deficit is expected, which, in turn, should drive prices higher in the long run.
Historically, Uranium reached an all time high of 1349 in September of 2020. Uranium - data, forecasts, historical chart - was last updated on May of 2021.
Uranium is expected to trade at 30.04 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 28.57 in 12 months time.