Uranium Surges 31% Amid Shutdowns to Become Year’s Top Commodity
- Radioactive metal has risen despite virus’s drag on power use
- Uranium equities, ETFs gained more than 50% from March lows
A core sample containing a uranium deposit in granite.
Photographer: Meg Roussos/BloombergThis article is for subscribers only.
While most commodities are getting hammered by the coronavirus crisis, uranium prices are skyrocketing.
The radioactive metal used in nuclear fuel has climbed 31% this year, making it the world’s best-performing major commodity. The gains have been spurred by mine shutdowns that have wiped out more than a third of annual global output at a time when demand from power plants has remained relatively stable.