Going Nuclear with Justin Huhn and Trevor Hall Uranium Market Musings: Spot Remains Strong while Equities Correct
Nov 6, 2025
The hosts dive into the uranium market, dissecting Cameco's recent quarterly results and the impacts of market corrections. They explore how uranium equities currently outperform commodities amid shifting investor sentiment. A major $80B partnership involving Cameco highlights strategic government alliances. The discussion also covers regulatory hurdles for new reactors and the intriguing hype surrounding small modular reactors, assessing which designs might actually succeed in the market.
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Equities Pull Back To 50-Day Test
- Uranium equities ran far ahead of the commodity and are now retracting toward the 50-day moving average as sentiment cools.
- Justin Huhn views the 50-day as a key proving ground to judge if the bull market remains intact.
Term Buying Lifts Both Term And Spot
- Long-term contracted uranium prices have ticked up about $4 per pound in two months as utilities slowly re-enter the market.
- Carry traders connect term and spot markets, so term demand should gradually lift spot prices too.
Most Producers Struggling To Hit Targets
- Cameco emphasized how difficult mining is and highlighted multiple producers are missing targets or struggling.
- Justin Huhn warns current prices do not incentivize the production needed to close the coming supply gap.