‘There is no bear case for uranium in 2024’

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Uranium has started 2024 the same way it ended 2023 – like a bull in a china shop. Spot prices are now agonisingly close to US$100/lb for the first time since 2008, with term pricing not far behind.

“This year alone, demand is around 200 million pounds and supply is about 160 million pounds,” s ays Justin Huhn, founder of Uranium Insider.

“That means we’re about 40 million pounds short.”The years of deficits which helped push prices up 90% last year are not going away, even as mothballed mines enter restart mode and advanced projects hit the button on development.This speccy graph explains why global resources stocks, pundits and punters are boarding the yellowcake train. Source: Paladin. A 35Mlb a year deficit is huge. Boss Energy’s (ASX:BOE) Honeymoon and Paladin’s (ASX:PDN) Langer Heinrich will produce a collective ~9Mlb per annum once fully ramped up. In 2023, production from global […]

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