“The match to set this on fire has been Sprott buying spot. “There’s been so much fuel on the floor of the uranium market given it’s been such an undersupplied commodity,” the portfolio manager of Tribeca’s global natural resources fund, Ben Cleary, said. The vehicle is in the midst of a buying frenzy of physical uranium, taking supply out of the market and boosting the spot price to $US40.40 a pound – its highest level in seven years.
The spot price traded in a depressed range of $US20 to $US30 a pound – not nearly high enough to encourage production.īut after a decade in the shadows, the sector has been jolted back to life within just a few weeks thanks largely to the Sprott Physical Uranium Trust (SPUT). The Washington Postįukushima’s nuclear reactors were fuelled by uranium, which consequently suffered a demand shock and prolonged downturn as mines shut or entered care and maintenance. Weeds grow in the parking lot of an abandoned restaurant along Route 6, just outside the exclusion zone around the Fukushima plant. The chemical explosions that ensued sent radioactive material leaking into the atmosphere and Pacific Ocean, creating what is known as the second-worst nuclear calamity in history, behind the Chernobyl disaster 25 years earlier. Ten years ago, an earth-shattering magnitude nine earthquake sent a 15-metre tsunami crashing through the sea wall of the Fukushima Daiichi nuclear power plant, disabling the power supply and cooling of three reactors, and triggering a nuclear meltdown.
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