FX.co ★ Uranium Eases to 2-Month Low

Uranium futures in the US slipped below $85 per pound in late May, the lowest level in nearly two months, after trading in a tight range for much of the period. The fading of the speculative rally seen at the start of the year has pushed the market back toward subdued spot buying by utilities, which have already been relying predominantly on long-term contracts since the war in Ukraine heightened uncertainty in short-term trade. Earlier in the year, yellowcake prices had been supported by geopolitical tensions that increased volatility in power markets across major economies, boosting interest in nuclear energy from both governments and power‑intensive AI hyperscalers building data centers. Italy was the latest country to signal its intention to establish a legal framework to reintroduce nuclear power, which it has avoided since the Chernobyl disaster. Meanwhile, Meta and Microsoft have each signed agreements to secure new nuclear generating capacity for their future AI data center operations.