10:53 AM EDT, 04/17/2024 (MT Newswires) -- RBC Capital Markets said Tuesday that uranium spot prices were up slightly over the past week due to increased buying interest and strength in uranium equities.

RBC said strong uranium stocks allowed Sprott Physical Uranium Trust Fund (U-UN.TO) to raise capital and purchase 100,000 pounds of uranium.

According to RBC, the strong market for uranium was driven by renewed reports on severe flooding in Kazakhstan, where major producer Kazatomprom is based. But the company recently stated there has been no impact on production for now.