Uranium spot price reaches $120/lb before mid-2026

Uranium physical availability is tightening while headlines focus on renewable transition narratives. Mine supply disappointments from Kazatomprom (sulfuric acid constraints), Cameco (McArthur River curtailment strategy), and Niger (coup-related disruptions) are removing primary supply at the same time nuclear demand is structurally growing. Japan restarts, Chinese new builds, and US utility contracting activity all point to a market where physical supply data disagrees with cautious headline sentiment. Secondary supply from Russian downblending is also declining under new enrichment economics. This perpetual market lets traders express views on whether uranium's structural supply deficit pushes spot prices to $120/lb or whether demand destruction and utility hedging keep prices contained. Evidence sources: UxC weekly spot, TradeTech monthly, Cameco and Kazatomprom quarterly reports, WNA reactor database, and US EIA uranium marketing annual.