The cost of uranium futures contracts on the Comex exchange reached $74.3 per pound. This is the highest level since April 2008. should from trade data.
According to analysts, the sharp rise in prices is linked to increasing geopolitical tensions due to limited global uranium reserves and supply risks. But current prices are well below the all-time high of $140 per pound in May 2007. Prices are rising because demand is high and supply is limited. Major producers Cameco and Orano lowered their forecasts after encountering difficulties.
In September, the price of uranium reached $70 per pound, the highest level in the last 12 years. And in mid-autumn prices were adjusted to $ 65.5.
Analysts polled by Reuters at the end of September said uranium demand will continue for decades. “The market is slowly increasing prices <…> Despite the fact that nuclear energy is slowly beginning to replace the capacity previously used by fossil fuels. Prices will rise every year for the next 10 to 20 years or until the world finds another energy source,” said SP Angel mining analyst John Meyer.
Last week, US President Joe Biden requested Congress has billions of dollars to expand uranium enrichment capacity.
Previous uranium prices got up up to a maximum of 12 years.