Uranium futures rose to the $50 per pound mark, rebounding from the one-month low of $48.7 as investors continued to assess the outlook of higher demand for nuclear energy worldwide against recession-driven downward pressure in energy prices. Among the world’s largest economies, Japan ordered the development of new nuclear reactors and approved 17 existing reactors to be reactivated. The move signals a historical pivot as Japan regains confidence in nuclear energy following the 2010 Fukushima power plant meltdown. Further, China’s nuclear energy authorities announced extra capacity to accelerate its power plant building plan, which would upgrade current measures of 6-8 reactors being built per year to 10. Still, a wave of tighter monetary policy by major central banks capped the rebound, as monetary authorities move to destroy demand in efforts to curb surging inflation.
Historically, Uranium reached an all time high of 148 in May of 2007. Uranium - data, forecasts, historical chart - was last updated on September of 2022.
Uranium is expected to trade at 51.04 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 55.43 in 12 months time.