Both uranium equities and the uranium price have been marching higher in recent weeks.
Numerco’s uranium spot price indicator closed at US$58.25 last Friday, up 19.8% so far in 2023.
So what has been driving prices higher?
And what are some of the trends that might influence the price in future?
Click here to read Betashares’ take on it.
Across Markets…
The ASX rallied by 0.5% on Thursday, boosted by the surge in US tech stocks overnight.
ASX Tech was up almost 5% as investors were buoyed by Nvidia’s announcement saying that its sales will more than double as demand for artificial intelligence (AI) chips soars.
“Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” declared Nvidia’s CEO, Jensen Huang, after market close.
Futures on the Nasdaq 100 trading in Asia are +1.5% higher several minutes ago, good news for the Wall Street open later tonight.
Equity benchmarks in Japan, South Korea and Hong Kong also rose broad-based this afternoon, led by gains in tech stocks.
Meanwhile, Japan has begun the release of treated radioactive water from its Fukushima nuclear site into the Pacific Ocean.
Some 500,000 litres-a-day of treated wastewater will eventually be discharged into the Ocean, a move that has angered China.
Qantas (ASX:QAN) rose modestly after posting its first full year statutory profit since FY19 of $2.47 billion.
Core Lithium (ASX:CXO) rose 4% after announcing that its inaugural concentrate cargo is set for delivery, and has been trucked to Darwin Port. The 10,000t parcel of spodumene concentrate is now ready for shipping to foundation customer, Ganfeng Lithium.
Tabcorp (ASX:TAB) rose 5% after reporting a 2% increase in revenue, and a 103% increase in its full year EBIT to $150m.
Northern Star Resources (ASX:NST) delivered toFY23 guidance, with 1,563koz gold sold at AISC of $1,759/oz. Revenue was $4.13bn, while underlying EBITDA was $1.537bn.