Will uranium futures fall below $85 per pound in the first half of 2026?

According to Trading Economics, uranium futures declined to around $92 per pound after reaching a recent peak of $101.5 in late January. The pullback followed news of rising global supply, including Uzbekistan reporting uranium production of 7,000 tons, well above market expectations. The price decline suggests easing short-term supply constraints after a sharp rally. At the same time, uranium prices remain historically high amid expectations of rising nuclear power capacity worldwide. Growing electricity demand from data centers, expansion plans for nuclear generation in the United States, China, and India, and policy support for domestic uranium enrichment continue to underpin longer-term demand. The uncertainty lies in whether increased near-term supply and market volatility will push prices materially lower—or whether structural demand will keep uranium prices elevated despite short-term corrections.