Uranium is often grouped with oil and gas under the “energy” label, but it behaves differently as a macro asset: its demand is insensitive to its price, barely tied to the cycle, and transmits almost nothing to inflation. This page…
Funds buy physical uranium and store it, removing it from an already-thin cash market; their flows can inflate a rally as easily as deepen a pullback, making spot a partly financial signal rather than a purely industrial one. This page…
Uranium has a long history of boom-and-bust cycles: rallies thought durable have reversed, and the metal spent more than a decade in the doldrums after its 2007 peak, a precedent that invites caution. TL;DR Two features set uranium's current cycle…
Small modular reactors concentrate the nuclear revival’s hopes, backed by the tech giants, yet almost none are built: their uranium demand is a 2030s matter, not an immediate reality. TL;DR More than a hundred small modular reactor designs exist, yet…
Not mining, but enrichment is the fuel chain’s most binding constraint: Russia holds the largest share, the SWU price has surged, and the West faces a shortfall before its capacity rebuild is ready. TL;DR Enrichment prices jumped about 167 percent…
The uranium market quotes two prices: a thin, volatile spot, and a long-term contract price through which most volume trades; they diverge, and it is the contract, not spot, that carries the structural information. TL;DR By end-Q1 2026, uranium's long-term…
Uranium’s supply is among the most concentrated of any commodity: one country dominates the mine, three cover three-quarters, and it responds slowly to prices; Niger’s withdrawal illustrates the political risk of that dependence. TL;DR The dominant uranium producer is cutting…
Before it can fuel a reactor, uranium moves through a long chain, from mining to fuel assembly, where each link has its own market; there is therefore no single uranium price, but three, which must be told apart to read…
Uranium briefly crossed 100 dollars a pound in January 2026, pushed not by an industrial cycle but by electricity demand from data centres: nuclear fuel is becoming the first commodity whose cycle appears governed by computing power rather than industry.…
By cancelling a full day of nickel trading in March 2022, the London Metal Exchange saved its clearing infrastructure but dented its credibility. Three years of litigation and reform followed, posing a simple question: can an exchange be both market…
