2211 GMT - Uranium prices may have fallen 12% so far this year but Jefferies believes the medium-term outlook for the nuclear fuel remains bright. It attributes recent weakness in uranium prices to heightened geopolitical and macro uncertainties, cautious utility buying, and increased confidence in supply. "The risk-off environment has largely kept buyers out of the spot market, while U.S. utilities continue to engage in the term market, with 11 term awards totalling 15.3 million lbs already secured in 2025," analyst Daniel Roden says. That has driven a widening contango between term prices of uranium at US$80.00/lb and spot prices of US$63.95/lb. Still, Jefferies stays constructive on the medium-term outlook, supported by disciplined production strategies, supply deficits, and rising global reactor demand from China, U.S. and Europe. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
March 09, 2025 18:11 ET (22:11 GMT)
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