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Cameco (NYSE:CCJ) and other uranium producers are rallying in Wednesday’s trading following a report that Russian President Putin is considering limiting exports of uranium, titanium and nickel in retaliation for Western sanctions.
“Russia is the leader in reserves of a number of strategic raw materials reserves,” Putin told government ministers in a meeting shown on TV, and since Western sanctions limit exports of some Russian commodities, “maybe we should think about restrictions [on] uranium, titanium, nickel,” while adding that such limits should not harm Russia.
Cameco (CCJ) +6.2%, Denison Mines (DNN) +5.4%, Energy Fuels (UUUU) +7.2%, Uranium Energy (UEC) +6.8%, Ur-Energy (URG) +5.5%, NexGen Energy (NXE) +4.7%, enCore Energy (EU) +7.3%, Centrus Energy (LEU) +6.9%, Nuscale Power (SMR) +3%, Uranium Royalty (UROY) +6.7%, Fission Uranium (OTCQX:FCUUF) +3.8%, Paladin Energy (OTCQX:PALAF) +7.1%, Global Atomic (OTCQX:GLATF) +4.4%, Forsys Metals (OTCPK:FOSYF) +9.1%, CanAlaska Uranium (OTCQX:CVVUF) +9.2%.
The U.S. and European Union have imposed various sanctions on Russia’s economy, including on some metals and mining companies, since Russia’s invasion of Ukraine in 2022, but many commodities including nickel, palladium and uranium have not been subject to restrictions and continue to be shipped to Western markets.
The three-month contract for nickel (LN1:COM) rose 2.5% to an intraday high of $16,110 per metric ton on the London Metal Exchange following Putin’s remarks.
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