When @oceanwall2 first started sending this chart out in September you can see the enriched #uranium price was +325% since the start of the Ukrainian war vs spot +61%. The argument is that downstream prices of finished nuclear fuel would tell you where the uranium spot price was going. 

Four months later enriched uranium is 506% higher whilst spot is +48%. 

As most participants know the uranium spot market is broken by its illiquidity and can move significantly now on very little volume. 

The outlook for nuclear fuel has never been more bullish and the supply side never more constrained. We know the Kazakh-China contracts from November were signed at $85/lb. We also know NXE contracts were signed with $135/lb ceilings. 

We expect term prices to continue to strengthen in 2025