Uranium: Cantor Increases Spot Price Target To As High As $150 For U3O8

Following guidance reductions from uranium mining major Kazatomprom, at least one analyst is calling for continued momentum in the price of uranium.

Cantor Fitzgerald yesterday issued a uranium macro update , increasing its uranium price forecast. Previously set at $90 – $120 per pound of U3O8, the firm is now calling for prices to be in the range of $120 – $150 per pound, with this range estimated to hold through 2028 and beyond.

“Given the KAP news, the supply/demand picture has fundamentally changed in a definitively more bullish direction for uranium spot and term pricing. We are raising our uranium price forecast curve to $120-150/lb U3O8 (2024-2028+) from $90-120/lb U3O8, previously. This price forecast has considerable bias to the upside,” reads the note.

Kazatomprom on Thursday cut its 2024 production estimate to 55 – 59 million pounds of U3O8, a decline of 14% at the midpoint, while also stating that it […]

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