Macro Intelligence: nuclear power’s new dawn, uranium market hits 16-year high

Video poster image Article by Juliette Saly (ausbiz) Spotlight on uranium

In this week’s edition of IG’s Macro Intelligence, we explore the recent surge in uranium prices and its implications for investors. Going nuclear: the remarkable rise of uranium prices

Uranium, a highly dense metal found in most rocks, is primarily used as fuel in nuclear power plants. The price of uranium has skyrocketed to US$106 per pound, reaching a 16-year high.

This increase is the highest since November 2007, driven by supply concerns and renewed interest in nuclear power. Notably, 22 countries, including the US, UK, Canada, and France, have committed to tripling their nuclear capacity by 2050. The price of uranium increased to $106 Source: RefinitivThe price surge has also risen amid production risks flagged by the world’s largest miner of the commodity. Kazakhstan’s Kazatomprom has warned it may need to cut its 2024 production due to difficulties […]

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