The price of uranium, the fuel for nuclear reactors, will jump to a record high as surging demand from China stimulates a decade-long bull market, according to forecasts from CRU, a leading commodities consultancy.
Uranium has rallied 75 per cent over the past eight months, with the most commonly-traded form at $72.25 a pound this week, down slightly from the 35-month high of $73 reached at the start of February.
But Philip Macoun and Ian Hiscock of CRU forecast that demand for the nuclear fuel would outstrip supply every year for the next decade, leading to price spikes that could push nominal prices above the record $136 set during a spike in 2007.
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