Uranium Week: Price Frenzy Fades
The U308 spot price took a breather last week as buying from funds subsided and volumes contracted.
Market Outlook
Uranium's longer term outlook is back in focus, with US uranium supply expected to rise over 2024 as Russian imports fall.
The U308 spot price slipped as buyers stepped back from the market, but longer-term demand/supply dynamics continue to look favourable for supporting the U308 price.
Demand and Supply Trends
Petra Capital highlighted the growing tailwinds for demand trends, while emphasizing the supply challenges, as noted by the World Nuclear Association (WNA) Fuel Report.
The WNA Fuel Report estimates U308 supply will be down 7% in 2040.
- Cameco and Kazatomprom have lowered production guidance in recent market updates.
- None of the uranium mining juniors' ramp-ups have progressed as analysts predicted.
Author's summary: Uranium price frenzy fades amid subsiding fund buying.
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