TradeTech's uranium spot price continued its upward climb in November, breaking through the US$80.00 level on November 21, to reach $81.00 per pound uranium oxide (U3O8)—its highest level in 15 years. The spot price closed out the month of November at $81.50—the highest level since December 2007, as nuclear power growth is supported by evolving policy news in Europe, Asia, the UK, and the USA, which signals stronger demand for uranium in the long term.
ENGLEWOOD, Colo., Dec. 1, 2023 /PRNewswire/ -- Englewood, CO (PRWEB) December 1, 2023 - TradeTech's uranium spot price continued its upward climb in November, breaking through the US$80.00 level on November 21, to reach $81.00 per pound uranium oxide (U3O8)—its highest level in 15 years.
The spot price closed out the month of November at $81.50—the highest level since December 2007, as nuclear power growth is supported by evolving policy news in Europe, Asia, the UK, and the USA, which signals stronger demand for uranium in the long term. At the COP28 climate conference in Dubai this week, International Atomic Energy Agency Director General Rafael Mariano Grossi delivered a landmark statement supported by dozens of countries, stating, "The world needs nuclear power to fight climate change and action should be taken to expand the use of this clean energy source and help build "a low-carbon bridge" to the future."
Globally, the commitment to securing energy independence is manifesting as policies that value and embed nuclear power as an integral part of electricity generation in the future. These policy developments in support of nuclear power also come at a time when utilities in the Western market are faced with challenges related to transportation issues, supply chain constraints, and broader pressures from financial markets beset by price inflation.
"Fundamentals, such as a structural uranium supply deficit, remain largely in place. Additionally, the arrival of investor interests and the prospect of restricted supply due to geopolitical tensions has amplified the sensitivity and volatility of the uranium spot price," said TradeTech President Treva Klingbiel. "The increase in the uranium spot market price over the past few weeks has been fueled by increased buying interest across all types of buyers and for all time periods. Spot uranium buyers in November included financial funds, traders, utilities, and suppliers," she added.
TradeTech's uranium spot price indicator has added more than $30.00 and has increased 66 percent since the start of 2023.
About TradeTech
TradeTech launched its Daily Uranium Spot Price Indicator in March 2011, which is provided to subscribers worldwide. The company's "Nuclear Market Review" (NMR) is published each Friday evening, and reports the Weekly Uranium Spot Price Indicator, uranium trading activity, industry news, and market data. The monthly edition of the NMR, released on the last day of each month, includes TradeTech Market Values (Exchange Value, UF6 Value, Loan Rate, Conversion Value, SWU Value, and Transaction Value) and Mid- and Long-Term Uranium Price Indicators and Production Cost Indicator, as well as analysis related to price determinations, supply/demand information, and industry and financial news. TradeTech also publishes "The Nuclear Review," a monthly E-magazine dedicated to the international uranium and nuclear energy industry, and a quarterly "Uranium Market Study," which includes near- and long-term forecasts.
TradeTech—and its predecessor companies—has supported the uranium and nuclear fuel cycle industry for more than 50 years and is widely recognized for its expertise in trading activities and its comprehensive knowledge of the technical, economic, and political factors affecting this industry. TradeTech provides expert market consulting, has relationships with international nuclear fuel buyers and sellers, and maintains an extensive information database on these industries.
Media Contact
Treva Klingbiel, TradeTech, 1 3035733530, [email protected], http://uranium.info
Gail Fox, TradeTech, 1 3035733530, [email protected], http://www.uranium.info
SOURCE TradeTech
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