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PALM BEACH, Fla., Aug. 16, 2022 /PRNewswire/ — The Bank of America appears to be bullish on the future of uranium spot prices The rising support for nuclear energy and tight supply could see uranium spot prices return to US$70/lb by 2023, according to Bank of America (BoA). In a recent article in Market Index, they said: "Bank of America forecasts uranium spot prices to rise to US$70/lb by 2023. Increased uranium purchases from financial market participants often correlates to higher prices. Loss of Russian supplies and Diablo Canyon nuclear plant extension could be bullish catalysts… "We think uranium prices should continue a measured increase, peaking around US$70/lb in 2023e, vs. spot at US$49.5/lb. However, any loss of Russian supplies would make us more bullish," said BoA analysts last Friday. It continued: "In 2021, imports from Russia and Kazakhstan hit an all-time high of 22.9m lbs […]
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