Nataly Kambur
⬤ Uranium's starting to show real upside momentum, and it's coming from where it actually matters—the term market. Sure, everyone watches spot prices, but here's the thing: spot only represents a tiny slice of actual uranium deals. The term market is where the bulk of transactions happen, and right now it's painting a much clearer picture of what's really going on with supply and demand.
⬤ Contract negotiations are sitting in the $90s to $160s range right now. That's a massive 20% jump in just seven months. What's really interesting? Those contract floors are already trading above spot prices. That gap tells you everything about where smart money thinks this market's headed.
⬤ "Utilities remain short uranium," and that's the critical piece here. They don't have enough coverage, which means they'll need to come back to the market in a big way soon to lock in supply. With contract prices already climbing and demand pressure building, the setup looks increasingly bullish.
⬤ Bottom line: uranium pricing lives and dies by long-term contracts, not spot trades. With floors moving higher and utilities still needing material, the market's getting tighter. As these term dynamics play out, they're likely to drive price expectations and shift sentiment across the entire sector.
Nataly Kambur
