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Cameco Corp (CCJ US) $US48.36

CCJ has surged ~30% over the last three weeks following news of flooding in Kazakhstan, the world’s largest producer of nuclear fuel. However, we are conscious that such weather events often create spikes in both commodities and stocks. We wouldn’t be surprised to see CCJ ultimately trade to fresh 2024 highs in the coming weeks, but the risk/reward is no longer attractive.

  • We have been targeting a “pop” above $US50 by CCJ, and potentially $US52, which was largely satisfied last night.
MM is now neutral toward CCJ in the short-term
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Cameco Corp (CCJ US)
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