Rail trucks loaded with rocks containing uranium ore wait for transportation in the Rozna mine, in 2014. We’ll take a break from the is-bad-news-on-economy-good-news-for-the-stock market discussion, to take a look at a commodities market skyrocketing in recent weeks — uranium.
Uranium futures topped $40 per pound on Tuesday for the first time in six years, and have surged 33% since mid-August. That’s propelled other uranium plays, such as Canadian producer Cameco CCJ, +5.88% , and the Global X Uranium ETF URA, +4.18% , which invests in uranium miners and other nuclear component producers. Uranium futures have surged since mid-August. Harris Kupperman, the president of hedge fund Praetorian Capital, said what’s happening is that one exchange-traded fund, the Sprott Physical Uranium Trust , is now buying uranium to store it — basically, to keep it out of the hands of the nuclear power plant operators who need it. “It’s just going […]
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