Uranium tops Morgan Stanley’s commodity thermometer

 

Autunite, frequently used as uranium ore. (Reference image by Parent Géry, Wikimedia Commons).

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Morgan Stanley has placed uranium at the very top of its Metals and Mining Commodity Thermometer.

Uranium was assigned a ‘most bullish’ thesis of 17 mined commodities under the bank’s coverage.

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“Further price upside near term as commercial inventories are drawn down, investment demand continues, and mine supply remains below 2019 levels. Longer term, growth continues to push price higher,” reads a slide shared by a social media user.

 John Quakes

@quakes99

The gap between uranium spot and contract prices has narrowed for a third consecutive month, reaching $32.40 and $33.50 per lb. at the end of July, respectively.