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Uranium stays hot, base metals cool

The uranium price and uranium equities are continuing their upward momentum.
Uranium stays hot, base metals cool Uranium stays hot, base metals cool Uranium stays hot, base metals cool Uranium stays hot, base metals cool Uranium stays hot, base metals cool

Cameco’s Cigar Lake uranium operation in Saskatchewan, Canada

Staff reporter

The spot price rose more than 4% yesterday to US$44.15 per pound, levels last seen in 2012.

Canada-based producer Cameco touched a one-year high intraday before closing flat.

"So uranium is the hot play of the day, but has it run too far and due a breather?" Pepperstone head of research Chris Weston asked, noting uranium plays were getting the attention once reserved for GameStop and AMC.

Gold was steady about $1,790 an ounce on the spot market.

Base metals closed lower in London, although aluminium remains near a 13-year high and the $3,000 per tonne mark.

Chinese output is down amid drives to reduce emissions and conserve power, while a coup in bauxite producer Guinea has raised concerns over the supply of the material used in aluminum production, Bloomberg reported.

Key market futures were up after the US snapped a losing streak yesterday.

Among the mining majors, Rio Tinto rose 0.4% in London, Freeport-McMoRan lost 0.5% in New York and BHP was up slightly in morning Australian trade.