Uranium price U.S $56 pound

Uranium prices softened to below $56 per pound, extending the decrease for a third week since hitting the 14-month high of $57.75 in June as concerning macroeconomic headwinds maintained pressure in energy commodities across the board. Still, prices remained 14% higher year-to-date amid bets of higher demand in the long-run and shorter-term risks to supply. US government committees approved two bills to ban the import of Russian uranium, aligning with many European utilities that have voluntarily shunned Russian supplies. The developments pressed imports from the top producer of enriched nuclear fuel, totaling nearly half of the world supply, and placing pressure on the capacity of scarce Western converters and enrichers. Meanwhile, major economies continue to announce plans to increase nuclear power capacity to strengthen energy security and lower carbon emissions, solidifying expectations of strong uranium-buying activity for decades to come.

Uranium price U.S $56 pound..