FX.co ★ Uranium Holds at 2-Month High

In September, uranium futures in the US exceeded $76 per pound, marking a two-month high driven by potential near-term supply disruptions and the prospect of increased long-term demand. Canada's Cameco, the world's second-largest uranium producer, lowered its annual production forecast due to delays in expanding its McArthur mine located in Saskatchewan. Furthermore, leading producer Kazatomprom announced a 10% reduction in its output for next year, citing volatility within the spot market for mined uranium. On the demand side, India set ambitious plans to amplify its nuclear energy capacity to 13 times its current level by 2047. The country also eased stringent regulations on private sector involvement in uranium mining and processing. Coinciding with this, the World Nuclear Association projected a 28% rise in uranium demand for nuclear power by 2030, driven by governments favoring nuclear power to achieve energy security objectives and a growing demand from data centers operated by software companies.