The Zhitong Finance App learned that CGN Mining (01164) rose by more than 4%. As of press release, it had risen 4.17% to HK$2.745, with a turnover of HK$676.713 million.

According to the news, the Bank of America's latest report shows that the bank believes that uranium prices will continue to rise. The Bank of America raised its 2027 uranium price forecast to 130 US dollars per pound, which has about 52% room for an increase compared to the current spot price. The bullish logic given by Bank of America stems from tight supply. The decline in contract coverage for power companies also forms support, and continued growth in nuclear power investment is seen as being driven by long-term demand.

CMB International believes that the CGN Mining stock price correction since February has to a certain extent reflected policy changes in the Kazakh uranium mining industry and the high sulfur prices caused by the Middle East conflict. We believe that there are many positive catalysts in the short term: under the support of strong long-term contract uranium prices, spot price trends are strong; easing tension in the Middle East will help stabilize sulfur prices; and Kazakh's sulfuric acid plant is expected to be put into operation in early 2027, which will help reduce the cost of sulfuric acid.

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