Earlier this month, the Uranium Sector was one of the hottest in town, with Paladin (PDN) and Boss Energy (BOE) both up ~50% after only a few weeks of 2024, but here we are approaching the end of February, and the vast majority of the gains have evaporated in the blink of an eye. US giant Cameco Corp (CCJ US) was the catalyst after reporting its FY23 results earlier in the month. Cameco, along with state-owned Kazatomprom from Kazakhstan, are the two most important companies in the global Uranium market, and both had reduced production forecasts during 2023 at a time when demand was increasing, and speculative flows had risen through vehicles like the Sprott Physical Uranium Trust.
