URANIUM

Uranium is the primary fuel used in nuclear power reactors for electricity generation. Unlike most exchange-traded commodities, physical uranium does not have a deep, continuously traded futures market, so pricing references are more thematic and less standardized than for oil or metals. Demand is driven by the installed reactor base, new construction, and policy support for nuclear power as a low-carbon baseload source. Traders typically use uranium exposure to position around energy security, decarbonization, and the long-cycle supply dynamics of the nuclear fuel chain.