Citi analysts have stuck with a bullish stance on uranium over oil and copper despite reduced scope for price rises on a possible Ukraine war peace agreement.
Increased demand was set to push up uranium prices to an estimated average of $77 a pound in 2025, according to the bank, and higher still after.
This would mark an 18.5% increase on the spot price as of Thursday, leaving Citi “structurally bullish” on uranium.
Previous estimates had been for uranium to average $94 this year, with any ceasefire or peace deal between Russia and Ukraine expected to ease trade flows and prices.
Citi said it was “fundamentally bearish” on oil in the meantime, on expectations increased output by OPEC+ would lead to a supply surplus.
“President Trump's push for lower oil prices, which we believe will persist, also tilts the risk skew towards lower prices,” Citi said.
On copper, supply constraints were seen keeping the market balanced as tariffs under Trump threatened to eat into demand into the second quarter of the year.