Will the Bull Market in Uranium Continue?

Uranium is a silvery-white chemical element and an energy commodity. Enriched uranium U-235 concentrations are critical fuel for nuclear power plants and reactors that power naval ships and submarines. Uranium is also crucial for atomic weaponry. The demand for uranium has been rising, and the price has been in a bull market since 2016. Rising demand for uranium has put upward pressure on uranium mining shares.

The uranium price is in a bull market

Uranium prices have been increasing in a bullish trend over the past eight years. Barchart Source: Cameco.com

The chart shows the price appreciation from 2016, when the spot price was $18 and Cameco’s long-term price was $30. At the end of July 2024, the spot price was sitting at $84.25, and the long-term price was $79.50.The global fundamentals for uranium have improved over the past years, pushing the price higher. The world’s leading producing countries […]

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