Uranium futures in the US rose to $79 per pound, extending the surge from mid-June amid fresh buying activity from physical funds. The Sprott Physical Uranium Trust said it would buy around $200 million worth of physical uranium, twice the amount signaled in its agreement with Canaccord Genuity.
Uranium acquisitions by Sprott, which holds most of its uranium as yellowcake, have commonly been triggers for rallies in prices due to how thin uranium derivatives trade. The move followed a near 6% jump in yellowcake prices during May as the US government signaled it would support domestic uranium enrichment capacity, cut regulations and accelerate licenses for reactors, and maintain trade restrictions on major nuclear fuel exporters. Demand has also been supported by power-hungry AI datacenters. In the meantime, top miner Kazatomprom noted it would achieve a mid-point production of 14 million pounds, nearly 20% below its guidance from late 2023.
