Uranium Prices Hit A New High In Two And A Half Years

- Nov 15, 2018-

Uranium prices have reached their highest level in two and a half years, up nearly 40% from April 2018 lows, as large producers of nuclear fuel buy materials on the market and expect to build new nuclear power plants.

One factor that helped support prices was the closure of a series of mines, forcing producers such as Canadian Mineral Energy Corporation to buy bulk products on the spot market in order to fulfil long-term sales contracts. One analyst said Canadian Mineral Energy should remain active in the spot market because it needs to buy 9 million to 11 million pounds of uranium by the end of 2019.

In November 2, 2018, the price of uranium hit $28.75 a pound, the highest level since March 2016.