Uranium prices up: Could demand more than double

Canadian uranium provider Cameco has calculated an end-of-September spot price for uranium of $82.63 per pound-the highest mark of 2025. The lowest spot price listed all year by Cameco was $64.23 per pound at the end of March, while the previous high was $78.50 per pound at the end of June.

The September long-term price for uranium was $83.00 per pound, according to Cameco. The company's long-term prices for all previous months this year were either $80.00 or $81.00.

Futures: Meanwhile, online analysis firm Trading Economics listed uranium futures at $83.10 per pound on October 2. According to the company, the current price is only "marginally lower from the near-one-year-high of $83.5 touched September 25th as markets weighed on whether recent interest from physical funds coincided with the demand outlook for nuclear fuel."

Purchases: Trading Economics also noted that the Toronto-based global asset management firm Sprott Physical Uranium Trust has continued to buy yellowcake to bring its third-quarter purchases to 2.3 million pounds, while the U.K.-based company Yellow Cake raised $125 million for uranium purchases. "Purchases by physical holding funds commonly trigger rallies in benchmark prices due to the thinness of uranium markets," Trading Economics said.

Supplies: In terms of supply, the market remains affected by Cameco's decision to cut its annual production guidance because of expansion delays at its McArthur River mine in Saskatchewan, Canada, which caused the company to forecast a 19 percent drop in its mined output from the mine. In addition, the world's top uranium producer, Kazakhstan's Kazatomprom, stated that its output will be cut by 10 percent in 2026.

Demand to double? The World Nuclear Association forecast in a September report that uranium demand for nuclear power is due to rise by 28 percent by 2030 because of energy security and decarbonization goals. The report said that new uranium mines and restarted operations will be needed to meet the growing demand for uranium, and that demand could more than double by 2040 to more than 150,000 metric tons a year, compared with the about 67,000 metric tons in 2024.