World’s Worst Commodity Forecast to Rally as Uranium Miners Cut
Wednesday, June 8, 2016 at 6:52PM
Uranium Stocks

 

Producer pain portends tightening as demand prospects improve


Morningstar predicts $65 a pound by 2019 from $28.25 now

A glut that’s made uranium the worst-performing raw material this year is set to turn into a shortage as miners cut output and nuclear-reactor construction climbs, according to producer Uranium Energy Corp.

 

Oversupply from mines in Kazakhstan, Canada andAustralia has seen uranium futures drop 18 percent this year, the biggest loss among 80 commodities tracked by Bloomberg except carbon credits, while iron ore and oil rally. But as supply diminishes and demand improves, stockpiles will be eroded and the slump will reverse, said Chief Executive Officer Amir Adnani, whose Vancouver-based company has cut output and spending until that happens.

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