Uranium has hit its highest level in more than two-and-half years as big producers of the nuclear fuel buy material in the market and China prepares to reaffirm its commiment to build new plants. Uranium, which is used in nuclear reactors to produce electricity, has been one of the best performing commodities of 2018, rising almost 40 per cent from its April lows. One factor helping to support the price has been a string of mine closures, which have forced producers such as Canada’s Cameco to buy volumes in the spot market to fulfil long-term sales contracts. The ruling Chinese Communist party is also likely to recommit to the use of nuclear power at its plenum later this month., a move that will provide a further boost to sentiment.
FT 5th Nov 2018 read more »