Uranium futures in the US were steady around $85 per pound,, trading at a narrow range since dropping to two-month lows mid-March as the war in the Middle East maintained a degree of low risk sentiment for major economies, denting speculative assets. Still, yellowcake prices remained firmly higher since the start of the year due to the bullish view on the longer-term addoption of nuclear power.
Nuclear power investment has been featured by future operators of power-hungry data centers, driving multiple tech giants in the US to sign contracts for small modular reactors. The US cut regulations on the construction and permits for uranium converters and enrichers and announced deals for the construction of new power plants. These include a partnership with Cameco, which approved the development of Westinghouse reactors, and a fresh $2.7 billion in contracts to Centrus and two other reactors and enrichers to offset the shun of supply from Russia following sanctions on their nuclear fuel.
