Uranium market prices reflect higher demand

An end-of-October spot price for uranium of $80.00 per pound-down from the year high of $82.63 per pound in September-is still substantially higher than the year's lowest price of $64.23 per pound at the end of March, according to uranium fuel provider Cameco.

Cameco also reported a long-term price of $85.00 per pound at the end of October, the highest mark of the year. The previous high was in September, with a price of $83.00 per pound.

Futures: Analytics firm Trading Economics posted a uranium futures value of $80.80 per pound on November 3. Futures prices have fluctuated during the past few weeks, from a 15-month high of $83.50 per pound in late September down to $76.50 per pound in late October. However, the futures price of $80.80 per pound in early November was more than 3 percent higher than a year earlier.

Higher demand: According to Trading Economics, the recent rise in prices reflects expectations of higher demand for nuclear power. The uranium market was boosted in late October by an $80 billion deal that the Trump administration signed with Westinghouse Electric for the construction of nuclear reactors. This deal followed earlier actions by the U.S. government to stimulate the nuclear sector, including announced plans to increase the nation's uranium enrichment capacity and accelerate the pace of licensing for reactor construction.

Optimism: According to a report by consultancy firm DataM Intelligence, optimism is high among uranium market forecasters, and the size of the global uranium market is expected to reach $13.59 billion by 2032, with an annual growth rate of 4.86 percent during the 2025-2032 forecast period.