Experts forecast growth in demand and uranium prices increase up to $65 per pound by 2019

Almaty. June 9. Silkroadnews – According to the experts, a growth in demand and uranium prices increase up to $65 per pound shall be expected, KazTAG reports with reference to Bloomberg.

“David Wang, analyst at Morningstar, suggests that given the bright prospects for the uranium industry, the price of uranium standing now at $28.25 could double by 2019 and reach $65 per pound,” the article published on Thursday says.

With this he adds, an increase in demand for uranium could results in its deficit.

“Oversupply of uranium that made it the most poorly-selling raw materials could turn into its deficit this year as a result of production volume reduction and increase in number of nuclear power plants,” the publication states.

The overproduction on the fields in Kazakhstan, Canada and Australia is reported to result in a 18% drop in uranium futures this year, which became the biggest drop among the 80 commodities carbon credits on which are tracked by Bloomberg experts.

“With this iron ore and oil are getting recovered in terms of price. But due to reduced supply against the background of demand raising, the uranium reserves will decline which will lead to a decline in the industry, Amir Adani, president and CEO of Uranium Energy Corp, whose company located in Vancouver has also reduced its production, believes,” the article explains.