Uranium futures in the US were steady around $85 per pound, trading in a narrow range after falling to two-month lows in mid-March. The war in the Middle East has kept risk sentiment subdued in major economies, weighing on speculative assets. Even so, yellowcake prices remain significantly higher since the start of the year, supported by a bullish outlook for the long-term adoption of nuclear power.
Nuclear power investment has been driven in part by future operators of power-intensive data centers, prompting several US tech giants to sign contracts for small modular reactors. In parallel, the US has eased regulations on the construction and permitting of uranium conversion and enrichment facilities and has announced a series of deals for new nuclear power plants.
These measures include a partnership with Cameco, which has backed the development of Westinghouse reactors, as well as a new $2.7 billion package of contracts awarded to Centrus and two other firms involved in reactor and enrichment projects, aimed at offsetting the loss of Russian nuclear fuel supply following sanctions.
