Uranium price rises to 15-year high

The futures price for natural uranium (uranium oxide-oxide, U3O8) reached a maximum in more than 15 years, exceeding $74 per pound, data from the Comex exchange shows. On October 27, it reached $74.25 per pound. This is the highest level since April 2008. Since the beginning of this year, the metal has risen in price by 55%. In January, the price was in the range of $48–50 per pound.

The current price exceeds the level that remained until the accident at the Japanese Fukushima-1 nuclear power plant in March 2011 – about $70 per pound. After this incident and the subsequent shutdown of all Japanese nuclear power plants, uranium prices declined for several years – down to $18 per pound in 2016 – after which a gradual recovery began. In 2021–2022 spot prices accelerated the increase, and since the beginning of 2023 this trend has become even more pronounced. At the same time, the absolute price record was recorded in May 2007, when the pound of U3O8 was traded on the stock exchange at $140.