NYMEX uranium futures were trading below $30 per pound in April, a level not seen in a month, in the aftermath of Cameco’s plans to restart production at its Cigar Lake uranium mine after suspending operations last December due to Covid-19. Meanwhile, the world’s largest uranium producer Kazatomprom, which saw inventories dropping by 21% in 2020, said it would start buying the metal in the spot market to replenish its stock. Uranium prices have bounced from an 11-month low of $27.6h hit in March on speculation that President Joe Biden will include nuclear energy in his clean energy program.
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 28.37 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 26.98 in 12 months time.