Why Denison Mines, Energy Fuels, and Uranium Energy Plunged Today

Why Denison Mines, Energy Fuels, and Uranium Energy Plunged Today

What happened

Shares of uranium mining companies Denison Mines ( NYSEMKT:DNN ), Energy Fuels ( NYSEMKT:UUUU ), and Uranium Energy ( NYSEMKT:UEC ) all crashed in Tuesday trading, falling 7%, 8.6%, and a disheartening 11.9%, respectively, through 1:25 p.m. ET.

It’s not hard to figure out why. Image source: Getty Images. So what

I pointed out a couple of weeks ago that prices for nuclear fuel were repeatedly bumping up against a low ceiling, and failing repeatedly to reach the $60-a-pound uranium target that is seen as a goal for making uranium mining profitable enough to spur new production.That pattern continues through today.Since hitting its recent high of roughly $48 a pound on Nov. 15, uranium prices have twice more tried to break that barrier and resume their march toward $60 — and twice failed, according to data from TradingEconomics.com . Today, uranium prices sit at just $47.25 a pound, […]

About the author: StockMan

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