Uranium futures in the US traded around $90 per pound, hovering near the more than six‑month high of $90.60 reached on August 26, amid mounting supply risks and robust demand. The supply outlook for yellowcake from Kazatomprom, the world’s largest uranium producer, has become increasingly uncertain as delays at its TQZ sulphuric acid plant constrain its leaching capacity.
The producer also reported accelerating demand, driven by major economies ramping up investment in nuclear power to meet decarbonization targets and reduce exposure to volatile commodity markets, exacerbated by geopolitical tensions in Russia and the Middle East. Italy was the latest country to signal interest in establishing a legal framework to bring nuclear power back into its energy mix, aligning with initiatives in the US and Japan as power users diversify generation sources to meet surging electricity needs from data center expansions. In parallel, Meta, Amazon, and Microsoft have signed agreements to secure additional nuclear capacity for their future AI data center operations.
