Uranium Steadies in August

Uranium futures in the US held a the $72 per pound mark in August, stabilizing since the decline from the seven-month high of $79 in June as holding funds finished their buying. The Sprott Physical Uranium Trust committed to buy $200 million worth of uranium, twice the amount signaled in its capital raise Canaccord Genuity. Uranium purchases by Sprott have sharply lifted prices due to how thin uranium trades. In the meantime, yellowcake prices were sustained by bets of bullish nuclear power following ambitious guidance by US tech giants, with Microsoft, Alphabet, Amazon, and Meta having signed deals for nuclear energy supply for future 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, while French Orano said it may close its SOMAIR mine in Niger due to domestic export restrictions.