Uranium futures fell to the three-week low of under $48 per pound in June, extending its decline from the one-month high of $52.4 from the beginning of the month amid recession fears and lower confidence in the sector. Stress corrosion in multiple nuclear power plants for state-backed French utility EDF severely cut back nuclear energy production in Europe’s top nuclear energy producer. The outages sent output levels to 30-year lows, sparking fears of blackouts and damaging France’s outspoken advocacy for nuclear power as Europe searches for energy alternatives amid the ongoing power crunch due to sanctions on Russia. While avoiding sanctions, US President Biden’s administration pushed congress to support a $4.3 billion plan to purchase enriched uranium solely from Western enrichers to support western utilities and move away from Russian nuclear fuel. As of 2020, Russia was responsible for 43% of the world’s uranium enrichment, by far the largest share of a single country.
Historically, Uranium reached an all time high of 148 in May of 2007. Uranium - data, forecasts, historical chart - was last updated on June of 2022.
Uranium is expected to trade at 49.29 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 53.86 in 12 months time.