Uranium Rally Continues as Asia Moves Closer to Nuclear Energy

Despite the widespread commodity selloff in other energy sources such as gas and oil, uranium has risen as Asian countries look to harness nuclear power for their burgeoning economies.

According to the Wall Street Journal:

Uranium has jumped 35% since May, with the market getting a further boost Wednesday after Japan moved closer to restarting its nuclear reactors after they were all idled following the Fukushima disaster. Also spearheading demand is China’s plan to go on a nuclear-power-plant building spree to combat smog from coal-fired plants.

While uranium has come off its peak last month, prices have remained buoyant this year as the price of oil has plunged 50% since June.

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