Uranium prices consolidated around $30 per pound, below a four-year high of $34 per pound hit in May as short-term supply concerns eased after Cameco and Kazatomprom, producers of more than half of the global supply, resumed the production after mine shutdowns earlier this year. These two largest miners began cutting production in 2018 to lift the prices, leading to a supply deficit. The unexpected suspension of operations in March and April added to supply shortage as long-term demand is set to increase as the construction of 55 new reactors is underway.
Historically, Uranium reached an all time high of 1349 in September of 2020. Uranium - data, forecasts, historical chart - was last updated on December of 2020.
Uranium is expected to trade at 29.60 USD/LBS by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 28.15 in 12 months time.