Uranium bull market is being confirmed as prices approach ATHs - Sprott's Jacob White

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2023-09-18 17:42:31  • 4 mins

(Kitco News) - After uranium prices surged by nearly 8% in August to over $60 per pound and drove mining stocks to double-digit gains, analysts at Sprott see several reasons why demand for the metal should remain strong for years to come.

Uranium's impressive uptick in August set it apart from many other commodities, which faced declines due to the strengthening USD and China's softening economy, wrote Jacob White, ETF Product Manager at Sprott Asset Management. Decade-high uranium contracting levels by utilities, coupled with supply disruptions and risks, are helping to create a robust demand market.

White noted the strong performance for both the metal and the miners in August. This upward trend in uranium stocks underscores the sector's strengthening fundamentals, he said. It also signals a growing reality that the future of uranium supply will hinge on the revival of dormant mines and the inception of new mining projects.

He pointed out that uraniums fundamental outlook makes it among the least susceptible of all the industrial metals to China's ongoing economic challenges.

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