FX.co ★ Uranium Retreats from Near 4-Month Highs

Uranium futures declined to $70.05 per pound as of June 10th, retreating from a near four-month high of $72 achieved in late May. This rise had been influenced by potential political backing for the nuclear industry. This development followed an executive order by US President Trump aimed at reducing regulations and expediting the licensing process for nuclear reactors and power plants, which may increase long-term uranium demand. This change marks a notable pivot in US nuclear policy, intended to boost production amid the surge of energy-intensive data centers and artificial intelligence technologies. Nonetheless, the current softness in uranium prices has hindered progress on new domestic projects, largely due to lukewarm investor interest—a challenge mirrored by various companies in the field. Furthermore, the uncertainty surrounding potential future tariffs on uranium imported from Canada and Kazakhstan adds pressure to the already constrained market capacity. The United States sources a substantial portion of its uranium from Kazakhstan, which is subject to a 27% reciprocal tariff, compared to a milder 10% tariff levied on Canadian uranium.