Three Sources Tell Reuters CME Is Moving Ahead With Physically Delivered Uranium Futures Contract
Key Facts
Reuters reported on May 7, 2026, citing three sources familiar with the plan, that CME Group intended to launch a physically delivered uranium futures contract in the following months. The news resurfaced on November 11, but details published under the names of Grace Asanov and Yvonne Yu Li could not be verified through the original page. The report appeared on a news aggregation page at 5:53 p.m. that day, citing Bloomberg. Reuters’ earlier report therefore remains the available basis for details of the plan, rather than independent confirmation of what appeared in the later report. In May, CME declined to confirm the move, saying it was in continuous discussions with clients to understand their risk management needs.
According to the sources cited by Reuters, the project involves a physically settled contract, meaning actual delivery of uranium is part of the contract structure. John Purdy, co-head of nuclear energy at broker TP ICAP, said its launch would be "a big step forward for the uranium market." Purdy’s description reflects his assessment of the potential contract’s significance to the market, but does not constitute confirmation from CME of a launch date or specifications. The company did not confirm the launch of the new contract in its response to Reuters. It said only: "We are always talking to our clients to understand their risk management needs."
Purdy linked the new contract’s significance to weak activity in the existing contract, saying its open interest stood at just 350 contracts and that it offered four price assessments a month. He added that this pace did not meet what investors wanted. These figures, given in the May report, offer a picture of the limited activity and pricing in the existing contract at the time, as reported by Purdy. No more recent figures for open interest or the number of price assessments are available in the evidence, so these data do not describe the market in November. CME has also not confirmed that the proposed contract would address these limitations or achieve any particular level of trading.
On delivery arrangements, Purdy said the uranium tied to the new contract would be stored at ConverDyn, which he described as one of the few facilities licensed to store the metal. This detail adds a practical element to the idea of physical settlement, linking the proposed contract to inventory held at a qualified facility, according to Purdy. However, this information was not confirmed by CME, and the available evidence does not include contract specifications or storage and delivery terms. CME already lists UxC Uranium U3O8 Futures among its futures markets on COMEX. But that listing alone does not establish that the new physically delivered contract discussed in Reuters’ report has been listed or launched.
Joe Kelly, chief executive of broker Uranium Markets, estimated on May 7 that the contract would launch "this quarter or next quarter." That was Kelly’s timing estimate, not an announcement by CME, and the evidence does not show whether the expected schedule was met or changed by the November 11 report. Against the market backdrop, Cameco said the reported average price for long-term uranium rose in the first quarter of 2026 to $91.50, nearing its highest level since 2012 in constant 2026 dollars. The company said the spot price ended the quarter at $84.25. According to monthly data published by the Energy Information Center based on International Monetary Fund data, the average spot price was $72.47 per pound in September 2026, up $1.38, or 1.94%, from August.