Uranium futures in the United States have climbed to $76.5 per pound, nearing the two-month high of $77 witnessed on September 8th. This rise is driven by expectations of increased nuclear power capacity coupled with adjusted supply forecasts indicating potential shortages. Recently, the U.S. government announced plans to bolster its national strategic uranium stockpile. In parallel, it unveiled joint initiatives with the United Kingdom aimed at expediting the approval process for nuclear power plants. Echoing this trend, the World Nuclear Association released a report predicting a 28% surge in uranium demand for nuclear power production by 2030. This increase underlines government efforts to bolster energy security through nuclear power and growing demand from data-driven software companies.
On the supply side, Cameco, Canada's leading uranium miner and the second-largest globally, has revised its annual production outlook downwards due to delays in the expansion of its McArthur mine in Saskatchewan. In addition, Kazatomprom, the world's top uranium producer, announced plans to reduce its output by 10% next year, attributing this decision to fluctuating conditions in the spot market for mined uranium.
