Ann: RIU Resurgence Conference Presentation, page-8

The other eye-popping run – and this has played out on Aussie markets on Monday – the price of uranium has surged past $80 a pound for the first time since January 2008, soaring past pre-Fukushima disaster levels amid high demand and risks to supply. The spot is up over +8.4%

And local traders know it:

A few major uranium movers today…

Aurora Energy Metals (ASX:1AE) +10.53%, Norfolk Metals (ASX:NFL) +7.90%, GTI Energy (ASX:GTR) +6.25%, Australian Vanadium (ASX:AVL) +4.55%.

Uranium (USD/Lbs) $80.2500 +$6.25 (+8.45%)

Via Trading Economics

China says it wants to build another 30 or so nuclear reactors by the end of the decade – and that has been a very handy base-case tailwind.

As has the recent travails unto oil prices.

Of course, we have COP28 playing out again this week – all of which have given a further optimistic bent to uranium demand, aligned with lower inventories, seems to have added weight to big chunks of near-term purchasing activity.

European inventories have reportedly fallen by over 20% since 2018.

Supply of enriched uranium has turned scarce now that Russian nuclear fuel is on the nose, adding to snarled shipping supply lanes and the onerous insurance restrictions that come with them – all apparently stressing capacity limits for other enrichers.