FX.co ★ Uranium Rises to 3-Month High

Uranium futures surged to $72 per pound in late May, marking the highest price in nearly three months and continuing the recovery from the eighteen-month lows seen in March. This uptick is largely driven by the potential for political backing in the nuclear sector, outweighing the market's perception of plentiful supply. US President Donald Trump recently signed an executive order aimed at reducing regulations and expediting the licensing process for nuclear reactors and power plants. This initiative is expected to advance the integration of nuclear power into the energy mix and boost uranium demand. The administration's support signals a strong commitment to the nuclear industry and encourages technological companies to power data centers using nuclear energy. Nonetheless, uncertainties persist surrounding future tariffs on uranium imports from Canada and Kazakhstan, which continue to pressure the limited domestic production capacity. The US heavily relies on imported yellowcake from Kazakhstan, which is subject to a 27% reciprocal tariff, while Canadian imports are subjected to a comparatively lower 10% duty.