CCJ - Why Cameco Corporation Stock Dropped on Tuesday
2024-06-11 14:58:00 ET
Cameco Corporation (NYSE: CCJ) stock slipped 4.9% through 1:15 p.m. ET this afternoon, and it's not too hard to figure out why. Supply constraints and rising demand for uranium in late 2023 and early 2024 drove prices of the radioactive metal well past $100 a pound earlier this year.
But the rally faded in March, leading to a steep sell-off. Uranium prices have bounced around the mid-$80 range ever since -- and recently began to slide further.
Why is this happening? As NorthernMiner.com explained yesterday, "Last year's terrific run was driven by strong demand outlooks." In contrast, uranium's recent declines have been driven by a combination of rising supply and the effect of higher prices on demand.
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Why Cameco Corporation Stock Dropped on Tuesday