Uranium rebounds against 2-week high

The price of uranium in July rose to 86 dollars per pound, which is the highest value in the past 2 weeks, as the market assessed bullish demand for uncertain supply.

Twenty countries, starting with the United States, have announced plans to triple nuclear power generation by 2050.

China is currently constructing 22 of the world's 58 nuclear reactors, and Japan has resumed nuclear reactor construction projects.

Meanwhile, investors continued to evaluate the impact of the US ban on Russian nuclear fuel imports on global supply chains.

The Department of Energy accepted an initial offer for low-enriched uranium, and while measuring the extent of US production capacity pressure on converters and concentrators without Russia, it also measured an appropriate amount of exemptions from prohibitions to maintain electricity supply.

According to the latest estimates, Russia is responsible for one-quarter of America's nuclear fuel supply and half of global supply, and since the start of the 2022 invasion of Ukraine, supply from Russia has already been shunned by several European power companies.