Uranium prices continue downward trend, but uptick expected

Uranium prices were about $79.60 per pound as of the close of business on September 3, which put prices near their lowest level since November 2023, according to the website Trading Economics. Since the beginning of 2024, uranium prices have decreased $11.40/lb, or 12.53 percent, based on trading on a contract for difference (CFD) that tracks the benchmark market.

Fewer concerns: Trading Economics attributes the downward trend to reduced concerns among investors about global supply, noting that the Kazakh producer Kazatomprom is slated for an output that is 12 percent higher than that of 2023.

Investors are continuing to "assess U.S. capacity for producing enriched uranium after the ban on imports of Russian nuclear fuel," according to the website, as "the U.S. and 20 other countries announced plans to triple their nuclear power by 2050." These are among the factors apparently contributing to investor beliefs that a sufficient uranium supply is expected, at least in the near term.

Projection: Prices are expected to move a little higher by the end of this quarter, when Trading Economics' global macro models and analyses forecast uranium to trade at $80.07/lb. In 12 more months, the site is estimating that the price will be up to $82.60/lb.