01.06.202610:24:29UTC+00Uranium Maintains Narrow Range

U.S. uranium futures hovered around $85 per pound, holding within a tight range since early April after giving back the strong gains seen earlier in the year. The unwinding of the speculative rally has coincided with subdued spot purchases by utilities, which have increasingly relied on long-term supply contracts since the war in Ukraine heightened uncertainty in short-term trade flows.

Previously, yellowcake prices had been supported by geopolitical tensions that made power markets in major economies more volatile, prompting renewed interest in nuclear energy from both governments and power-intensive AI hyperscalers building new data centers. Italy was the latest country to signal support for nuclear power, moving toward a legal framework to reintroduce it after decades of opposition following the Chernobyl disaster.

In parallel, major technology companies are seeking dedicated nuclear capacity to meet future electricity needs: both Meta and Microsoft have signed agreements to secure new nuclear power for their forthcoming AI data center operations.