Uranium prices went up to $53.6 per pound, approaching a...

Uranium prices went up to $53.6 per pound, approaching a one-year high of $53.7 from May 1st amid optimistic demand and looming threats to supply. Governments worldwide continue to announce plans of increasing nuclear power capacity to strengthen their energy security and lower their carbon emissions, solidifying expectations of strong demand. The Chinese Nuclear Association stated it is building 24 nuclear reactors, set to expand the 54 commercial reactors currently in operation as the country ramps up efforts to achieve carbon-cutting goals. On top of that, India advanced plans for new nuclear power plants as current coal-usage backtracks the nation’s climate pledges. On the supply side, utilities have opted for long-term contracts with Western miners, enrichers, and converters to hedge against the possibility of incoming sanctions for Russian producers.