Rob Chang, an analyst with Cantor Fitzgerald Canada, said in a Monday interview with Energy Report that uranium prices could rise sharply in the near future.
Chang said uranium demand likely will increase despite lackluster economic growth on a global scale currently, partly because of the imminent surge in China's nuclear capacity. Chang said China will have 52 nuclear power plants by 2020 and that its demand for uranium fuel will greatly increase by then and beyond so that China can prepare for anticipated fueling needs. Chang also said global trends toward clean, non-carbon energy also will spur demand.
“The global push toward cleaner and greener energy is good for nuclear power and uranium,” Chang said. “Nuclear is the only form of base-load energy that emits zero carbon.”
The spot price for uranium is currently hovering at $36 per pound, an increase from $28 per pound. Chang predicts prices will rise significantly in six months to a year.
Currently, there are 439 nuclear plants in operation worldwide, and Chang anticipates that there will be 472 in operation by 2020.
Analyst expects uranium prices to surge in near future
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