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

Tracks whether U3O8 uranium spot price trades at or above $120/lb on any major pricing reference (UxC, TradeTech, or Cameco reported spot) before July 1, 2026. LONG if spot reaches $120; SHORT if it stays below. Physical uranium supply is tightening while headline sentiment remains cautious on nuclear. Kazatomprom has flagged production shortfalls due to sulfuric acid shortages, Cameco curtailed McArthur River production, and Niger coup disruptions removed ~5% of global supply. Meanwhile, nuclear demand is structurally growing: Japan restarts accelerating, China building 30+ reactors, and US utilities signing long-term contracts at escalating prices. The spot price has already moved from $40 to $90+ but remains well below the inflation-adjusted 2007 peak. Watch weekly UxC spot indicators, utility contract announcements, and Kazatomprom/Cameco quarterly production reports.