Why Uranium Stocks Were Heading for the Sky Today
Shares of junior uranium miners shot through the roof today. As of the market's close on Wednesday, Uranium Energy (NYSEMKT: UEC), Energy Fuels (NYSEMKT: UUUU), and Ur-Energy (NYSEMKT: URG) were up 6.1%, 9.5%, and 8.2%, respectively.
As if the emergence of the world's first exchange-traded fund (ETF) that invests in physical uranium wasn't enough to stir up frenzied buying in uranium stocks, big nuclear energy news from Japan this morning added fuel to the enthusiasm.
Miners' profitability depends a great deal on uranium prices. After a lull that lasted years, uranium spot prices crossed $30 per pound in 2020, only to give up some gains as 2021 kicked off. Prices have bounced back by double digits since, though, triggering hopes of better days ahead for uranium miners.
Source Fool.com
