uranium news, page-67

NYMEX uranium futures were trading above $30 per pound, rebounding from an 11-month low of $27.6 touched in early-March, after uranium companies announced plans to make purchases of the physical nuclear fuel and a global trend towards energy and lower-carbon solutions. The world’s largest uranium producer Kazatomprom, which saw inventories dropping by 21% in 2020, said it could start buying the nuclear fuel in the spot market. Also, Toronto-based Denison aims to buy about 2.5 million pounds as a long-term investment and US uranium producer UEC announced plans to establish a physical uranium inventory to take advantage of spot purchases below most industry production costs. Uranium prices had fallen since hitting a near 4-year high at $34 in May 2020 due to an oversupplied market and subdued demand, especially from utilities.