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For all of March (thus far), uranium hasn’t really budged – if you’re willing to squint, NYMEX uranium prices have in fact traded flat for the last two weeks.
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That suggests to this HotCopper finance journalist one simple truth: That the uranium investment market has no majority consensus (or conviction) on what to make of the Iran war when it comes to futures pricing.
That the Australian market mightn’t be too sure about what to do next when it comes to uranium could perhaps be further evidenced by a drop-off in momentum for the Global X Uranium ETF, ATOM.
Up just south of +10% year-to-date (and over +90% on a 1Y basis), over the last month, the ETF has fallen off slightly, with one-month returns down -3.1%.
At the time of writing (12.30pm SYD), the ETF was down -3.6% to $25.19/sh. It hit $30/sh in October last year, and again in January CY26.
Further signs of a market deprived of catalyst and/or certainty were shown on Monday as ASX uranium on-again-off-again darling Deep Yellow (ASX:DYL) sank as much as -8% to $1.84/sh in lunchtime trades. (To be fair, its chief officer walked out the door in a surprise move just last October.)
SILEX Systems (ASX:SLX) has dropped over -8% intraday, to $5.37/sh, down -36% YTD (though that had a lot to do with a challenge to its overall value prop when the U.S. gov’t failed to provide expected funding support.)
Long-troubled Boss Energy (ASX:BOE), meanwhile – whose former CEO is currently suing HotCopper, because why not – was likewise down -5%, to $1.50/sh flat as apparent disinterest from markets hurts there, too.
Likewise, Bannerman Energy (ASX:BMN) was down over -6% on Monday, so was crown jewel Paladin Energy (ASX:PDN) and (down -5.4% at lunch) and Lotus Resources (ASX:LOT) down -6.5%. Don’t even bother looking at the juniors – Peninsula Energy’s (ASX:PEN) early CY26 return to grace appears to have faltered.
What gives? Well, nothing. That’s the point. As oil prices continue to climb, it hasn’t been a revival of nuclear energy development enthusiasm that we’ve seen, but instead, a rotation into coal stocks.
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