Changes in Hong Kong stocks | CGN Mining (01164) rose more than 7% in early trading, Kazakh Nuclear Engineering delays construction of sulfuric acid plant, uranium prices are expected to start a new round of rise

The Zhitong Finance App learned that CGN Mining (01164) rose more than 7% in early trading. As of press release, it had risen 6.24% to HK$3.065, with a turnover of HK$93.446 million.

According to the news, Kazakh Nuclear Engineering released a semi-annual report. The original sulfuric acid plant stopped work due to the discovery of suspected paleontological specimens and was originally scheduled to be put into operation in the first quarter of 2027. It is now expected to be postponed to the third quarter of 2027 to the first quarter of 2028, or affect the 2027 increase forecast of 2-3 thousand tons of uranium. It is worth noting that Kameko stopped work due to floods, operation maintenance, etc. Although maintaining production expectations for the whole year, future supply is still at risk.

China Post Securities believes that as supply-side disturbances increase, market concerns about long-term supply, or accelerate the recovery in contract signing volume. Furthermore, the interruption of oil exports in the Gulf and weakening expectations of the Federal Reserve's interest rate hike will all help repair and rise in the spot-long trade gap in uranium prices, and uranium prices are at the starting point of a new upward cycle.