Uranium futures rose to above $52 per pound in early June from the three-month low of $46.7 touched on May 24th, carried by an increase in demand, higher prices for uranium enrichment, and expectations that physical uranium funds could increase purchasing activity. Demand from major nuclear energy producer China was seen higher as Covid cases fell and lockdowns in major cities were relaxed. Beijing previously signaled it plans to build 150 new reactors by 2035, placing bets in nuclear energy amid commitments to lower carbon emissions. At the same time, lingering concerns about sanctions against Russian nuclear fuel were exacerbated after EU states agreed on oil imports embargo, leading power plant operators to continue to procure contracts with Western uranium converters. As of 2020, Russia was responsible for 43% of the world’s uranium enrichment, by far the largest share of a single country. Historically, Uranium reached an all time high of 148 in May of 2007. Uranium is a highly dense metal which occurs in most rocks and is mostly used as a fuel in nuclear power plants. The standard contract unit is 250 pounds of U3O8 and is traded on New York Mercantile Exchange. Top uranium producers are Kazakhstan, Canada and Australia. The Uranium prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.

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