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URNM - BetaShares Global Uranium ETF

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Uranium may have had it's pull back and consolidation by the looks.

Big uranium players (URNM) have also generally consolidated and bounced off some support and back above 50dma.

 
Dear Betashares managers, please consider these changes to the composition of URNM.



Reduce holdings of Russian Kazatomprom by 50% as the US has banned uranium exports from Russia.

Increase holdings in new producers PDN and BOE by 50%.

DYL and BMN each deserve at least a 4% position.

Regards, P2.
 
May 24 update: The POU has been steady at $90/lb for quite some time. This is OK and most uranium stocks are sneaking higher as reflected in the rising price of URNM. The advantage of holding a sector ETF instead of a few company stocks has been shown by the recent selloff in BOE. The huge BOE selloff isn't noticeable in the price of URNM as it's only one of many positions in this ETF.
 
POU just dipped below 90 bucks and with general market weakness has led to URNM taking a breather. CCO off 6% at one stage. Broken through that uptrend support, 50 and 100 ma's and approaching horizontal support zone. Further general market weakness will obviously effect most stocks so it's a wait and see.

 
Market Matters said today they're adding to PDN in their active growth p/f (and selling PLS to fund). Have said recently PDN is preferred to BOE.

Not Held
 
June 2024 update: POU has dropped a little to $83/lb and most uranium stocks have fallen along with it. We await renewed demand for uranium. It'll come. Estimated distribution for this half year is 0.183.
 
July 2024 update : Spot uranium prices still drifting lower, now $80/lb. Most uranium stock prices also falling in sync with spot prices.

The weekly price chart looks interesting. It shows a symmetrical 3 wave abc corrective pattern that is now at the 50% level of the impulsive swing up in 2023. If this was a company I'd consider it a good place to start accumulating a position here.

Currently all U308 stocks are showing weakness relative to this ETF (ie. BOE, DYL, BMN, PDN).

 
POU just holding on above 80 bucks. Fingers crossed she holds around here as a platform for another leg up.

URNM broken some ma support zones and trying to find support. A little sign of life over the last couple of sessions. Would be nice to get back on the right side of those moving averages.

 
August update: Uranium speculators remain on edge, waiting for the next uranium price rally. Recent news of decreased prod at the Russian owned Kazatomprom sparked a little price spike throughout the sector. It didn't last and the POU will need something more substantial to get it moving higher.

My preferred uranium company on the ASX remains Paladin (PDN) .
 

Uranium has gone through a major correction the past few months. I was lucky to have sold the stocks around the top but bought into this with a lot of the proceeds. Hasn't worked out that well as yet.

Unless there's a major accident, I still think the general narrative is correct.
 
Minor signs of life in URNMs.

Indicators on the way up, the ARC just crossing the 50 dma, AXW getting close.

Uranium has had a fairly decent time consolidating/correcting after the euphoria of 2023.

Been waiting for an opportunity to top up / average down but POU still stuck around the 80 dollar mark. Doesn't look like moving up yet.

China building 22 new reactors, but global boiling isn't that important for us.


 
It seems investors are keen to buy into the bullish longer term uranium outlook as demand picks up quickly each time there's news.
eg Increase taxes on Russian production, reduce Russian production, US reducing exports from Russia, now MSFT buying future power production from a nuclear reactor restart (just to power their data-centres).

No uptick in spot U308 prices to go with these news items. Partial positions only for me at this stage.
 
Looks like the ARC is following through, hopefully the AXW version follows. The AXW is a bit choppy and gaps all around the place for a decent plot.



 
Uranium down, URNJ and Ms going up. Not sure if they're leading POU or there's just other stuff going on in the market that's pushing the SPs up. The term market that dictates contracts and profits for uranium miners is so opaque that it's anyone's guess what margins they're operating on.

The U ETFs all look similar at the moment.

 
Sept 2024 update: The charts of most uranium companies indicate an increase in demand and this shows up in the ETF.

Spot uranium prices remain at $80/lb although there's been some nibbling (79.50 to 80.75) in recent days.
 
Resistance point confirmed. 200 dma will also be a challenge soon. Indicators positive for a potential break.

 
Looks pretty clear that it's on a different path now, even with POU still struggling. Maybe the tick up back over $80 has been helpful.


 
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