Uranium futures were at $78 per pound, holding the slide from the one-month high of $82.5 on October 31st as an improved supply outlook outweighed the speculative bets for nuclear power in the next decades. Top producer Kazatomprom reported a 33% growth rate in exports in the third quarter and a 10% increase in total output, limiting concerns of tighter supply following the earlier guidance of a 10% drop in output for 2026. Cameco posted a smaller production guidance for this year, but noted that it had the potential to increase capacity and make up for the production shortfall if needed. The developments trimmed the rally for uranium futures that topped at a 14-month high of $84 last month on robust demand. The US announced deals for the construction of new power plants and cut regulations on the construction and permits for uranium converters and enrichers, backed by Cameco’s partnership with the US government, which approved the development of Westinghouse reactors.

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