Uranium futures fell below $45 a pound in late September, after rallying to above $50 a pound early in the month, which was the highest since June 2012. Still, uranium futures are up more than 30% on the month, boosted by purchases from an investment fund. Sprott Physical Uranium Trust resumed purchases after Canadian securities regulators approved the expansion of the equity sales program allowing the fund to purchase up to $1 billion in additional uranium in the next few months. The Canada-based fund is the only one that holds the physical commodity rather than futures contracts. Meanwhile, Kazatomprom, the world's largest uranium producer decided to keep production flat in 2022 and 2023 while warning that the recent spike in uranium prices was being fueled by financial investors rather than the utilities sector.
Historically, Uranium reached an all time high of 1349 in September of 2020. Uranium - data, forecasts, historical chart - was last updated on September of 2021.
Uranium is expected to trade at 43.57 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 41.46 in 12 months time.