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Market Update: Uranium Extends Gains to 6-Year High
NYMEX uranium futures skyrocketed above $38 a pound, the highest since April 2015 on supply concerns and growing demand as governments from the US to China see a role for nuclear power in their clean energy programs. The US reportedly seeks to use funds from the infrastructure bill to revive the nuclear power industry, which provides about 19% of the nations electricity and has been beset by a wave of reactor closings as it struggles to compete with cheaper electricity produced using natural gas, and, increasingly, renewables. In Europe, the Euratom Supply Agency said that the Coronavirus pandemic has significantly influenced the uranium market as several companies announced in the second quarter of 2020 measures leading to an important decrease in uranium production and related services. [/s2If]
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