FX.co ★ Uranium Eases from 2-Month High

In the United States, uranium futures moderated to $75 per pound after reaching a two-month peak of $77 on September 8th. This adjustment came as markets evaluated the extent of supply disruptions. Notably, President Trump excluded uranium and a selection of other metals from country-specific tariffs effective September 8th, reducing the potential strain on domestic utilities' capacity. This development followed an announcement from Cameco, the world's second largest uranium miner, which revised its annual production expectations downward due to delays in the expansion of its McArthur mine situated in Saskatchewan. Furthermore, Kazatomprom, the leading uranium producer, announced plans to reduce its production by 10% for the next year, attributing the decision to fluctuations in the spot market for mined uranium. On the demand side, a report by the World Nuclear Association anticipates a 28% increase in uranium demand for nuclear energy by 2030. This growth reflects the global shift towards nuclear power to meet energy security targets and the escalating demand from data centers operated by software companies.