How did ASX uranium shares perform in September?

How did ASX uranium shares perform in September?

It looked like ASX uranium shares were making a run for the moon in September, many of which surged to multi-year highs. Uranium prices skyrocketed at the beginning of the month, surging from US$30/lb to above US$50/lb for the first time since June 2012. The resurgence in uranium was largely driven by Canadian investment fund, Sprott Asset Management and its Physical Uranium Trust.

Sprott had an aggressive strategy to buy physical uranium off the spot market, effectively squeezing the illiquid market.

But as Sprott’s buying activity slowed and profit-taking began to take place, uranium prices eased in the latter half of the month. By month-end, uranium prices were sitting at around US$44/lb.

The Global X Uranium Exchange Traded Fund (ETF) provides a solid overview of how the broader sector performs amidst the renewed interest in the energy metal.Last month, the uranium ETF surged 36% from US$21 to a 7-year high of US$28.7 […]

About the author: StockMan

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