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Uranium spot prices to climb in ‘staircase’ pattern, Sprott forecasts
As 2024 closes out, the uranium spot price touches a low point for the year but remains at a higher level than seen in more than a decade, as Japan’s interest in bolstering nuclear energy adds tailwinds to uranium demand.
As 2024 closes out, the uranium spot price touches a low point for the year but remains at a higher level than seen in more than a decade, as Japan’s interest in bolstering nuclear energy adds tailwinds to uranium demand.
Uranium oxide sat at $77.08 per lb. at the end of November, down 3.6% for that month, and was down 15.38% from the end of last year , though it was up 18.79% over the past three-year period, the $6.6 billion Sprott Physical Uranium Trust noted in its latest report on Friday.
“Given the growing sensitivity to geopolitical factors, we believe the uranium price will continue to behave in this staircase-like pattern over the intermediate term with short-term bouts of volatility,” Jacob White, Sprott’s ETF product manager, said in the report.
The uranium spot price, which hit $106 per lb. at the end of January, a level not seen in 17 years, gained in the context of the nuclear metal’s supply not meeting rising demand as countries seek greener options for energy generation.
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