Uranium-mining companies rise, countries vow to triple nuclear capacity at COP28

Denison Mines

04/12/2023 17:30

Dec 4 (Reuters) -    ** Shares of Uranium companies
rise while Uranium prices  UXXc1  rise to their highest since
Jan. 2008 to $81 a pound
    ** At the United Nation's COP28 climate summit on Saturday,
more than 20 nations signed a declaration aiming to triple
nuclear power capacity by 2050
    ** "Expect strength in the uranium price to continue next
year (more buyers than sellers) and this market dynamic to drive
continued strength in the uranium equities," said Cantor
Fitzgerald analyst Mike Kozak 
    ** Shares of Canadian companies Denison Mines  DML.TO  and
Cameco  CCO.TO  rise 1.6% and 1.4%, respectively; CCO up ~102.2%
YTD
    ** U.S. companies Energy Fuels  UUUU.K  and Uranium Energy
 UEC.N  rise 1.1% and ~0.8%, respectively
    ** Citi Research flags speculative activity likely to
continue - "we expect higher volatility as a result, which could
push prices to a $90-$100 price range in a matter of days, in
the case of any new disruption on the supply side"

    

 (Reporting by Seher Dareen in Bengaluru)
 ((Seher.Dareen@thomsonreuters.com;))