FX.co ★ Uranium Holds Traction

In September, uranium futures in the United States surpassed $76 per pound, maintaining their gains from the previous month and reaching a two-month high, driven by a decline in supply forecasts. Canada's Cameco, the world's second-largest uranium producer, reduced its annual production forecast due to expansion delays at its McArthur mine in Saskatchewan. Furthermore, leading producer Kazatomprom announced plans to curtail its output by 10% next year, attributing the decision to volatility in the spot mined uranium market. In addition, India revealed its ambitious goal to increase its nuclear capacity to thirteen times its current level by 2047, alongside easing stringent regulations to allow private enterprises to mine and process uranium. Moreover, Equinix, a data center company, entered into agreements for nuclear power facilities for its global data centers, reflecting a broader trend among energy-intensive infrastructure developers. This trend is mirrored by giants like Microsoft, Alphabet, and Meta, which have also secured nuclear energy sources for their future data centers.