November saw “notable” weakness in the uranium market, despite positive signs that utilities are starting to sign new long-term contracts, visible policy progress on new nuclear capacity, and ongoing challenges in bringing uranium supply to market, Canada-based investment management company Sprott said in an update.

Sprott, which specialises in precious metals including uranium, said year-to-date performance remained positive with the spot uranium price gaining 3.62%, although in November it fell 7.9%. It now stands at around $75.8/lb.

Long-term pricing climbed to $86/lb, up 8.86% this year, after being stuck for months in the $79-$82 range, signalling that utilities are accepting higher prices in long-term contracts.