Uranium prices keep declining, and they’re taking uranium stocks down with them.
Shares of uranium mining company Uranium Energy ( UEC -9.18% ) fell 9.9% as of 2:10 p.m. ET on Friday. Peer uranium miners Energy Fuels ( UUUU -9.13% ) and Ur-Energy ( URG -9.15% ) likewise tumbled, down 9.3% and 8.5%, respectively.
It’s not hard to see why. Image source: Getty Images. So what Since recovering a recent peak price of $48 a pound a week ago, the value of yellowcake uranium has been falling steadily, dropping below $47 and heading toward $46. (Uranium futures contracts are priced at $46.35 currently, according to data from Trading Economics .)Dishearteningly for investors, the market price of uranium kept on declining despite miner Uranium Royalty announcing a big sale of uranium to China General Nuclear Power Group yesterday at prices significantly higher than the market price — $47.71 per […]
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