Long-Term Uranium Price Surpasses 2007 Peak Amid Growing Energy Metals Activity
The long-term uranium price closed September at $96.50 per pound, surpassing its previous peak from 2007 of $95, according to Cameco data. This indicates a tightening supply outlook as utilities lock in higher prices for future deliveries ahead of the spot market rate of $89.63. Despite rising contract prices, uranium equities have underperformed; Cameco shares were down over 11% year-to-date and the VanEck Uranium ETF fell nearly 16%. Market observers suggest that slow utility contracting is a key reason for this disconnect. Meanwhile, policy support for nuclear energy continues to grow. The U.S. and South Korea announced a $120 billion framework aimed at deploying Westinghouse reactor technology in the U.S., including up to six AP1000 units and two APR1400 reactors. In lithium markets, Chinese battery-grade prices rose post-holiday as buyers returned cautiously. Key developments among energy metal companies include Uranium Energy Corp reporting strong production figures with no debt and significant cash reserves; enCore Energy completing a share distribution of Verdera Energy to shareholders.
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Topics: energy metals lithium stock performance uranium