Bank of America Global Research projects uranium price averaging $135 per pound in H2 2026‑2027, a 56% rise from current spot levels.
Utilities are reversing inventory drawdowns, willing to contract at $100/lb, signaling renewed focus on supply security.
Supply constraints persist due to aging mines, costly ISR projects, and a global sulfur shortage, pushing incentive prices higher.
Around $9 billion of uranium is locked in closed‑ended funds, tightening physical supply despite macro volatility.