US uranium futures climbed to $90 per pound in August, the highest level in more than six months, as firm demand amplified the impact of emerging supply disruptions. The supply outlook for yellowcake from Kazatomprom, the world’s largest uranium producer, has grown more uncertain after delays at its TQZ sulfuric acid plant, constraining the company’s ability to leach uranium.
Kazatomprom also reported accelerating demand, driven by major economies stepping up investment in nuclear power to meet decarbonization targets and reduce exposure to volatile commodity markets amid geopolitical tensions involving Russia and the Middle East. Italy has recently signaled interest in adopting a legal framework to reintroduce nuclear power, aligning with initiatives in the US and Japan as electricity consumers broaden their generation mix to accommodate surging demand from data center developments. In particular, Meta, Amazon, and Microsoft have signed agreements to secure new nuclear capacity to power their future AI data center operations.
