Uranium futures in the US traded above $91 per pound in November, their highest level since February, supported by a strengthening outlook for nuclear power adoption. Top producer Kazatomprom reported a 25% year-on-year increase in sales turnover in the September quarter, driven by higher sales volumes and a 17% rise in its average realized sales price. This sales growth coincided with the International Atomic Energy Agency’s upward revision of its forecast for global nuclear capacity over the next two decades.
The agency highlighted that 78 nuclear reactors are currently under construction worldwide, as major economies accelerate investment in alternative energy sources to meet decarbonization targets and reduce vulnerability to volatile commodity markets amid geopolitical tensions involving Russia and the Middle East. Italy was the latest country to signal interest in reintroducing nuclear power by preparing a legal framework for its return, while Meta, Amazon, and Microsoft have each signed agreements to secure new nuclear capacity for their future AI data center operations.
