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Uranium prices expected to rally in 2017, says Numis analyst Justin Chan

''It's been a tough year for Uranium'', Numis analyst Justin Chan tells Proactive Investors.
 
''This year a lot of actors in the market were hoping for a rebound that unfortunately hasn't come but it looks like we're at the bottom now and I think it's looking better now into  next year and into the future.''
 
Commenting on the metal's weakness, Chan says there's been a number of factors. ''The fallout from Fukushima which occurred in 2011 has taken several years to rinse through the system and what it's really done is that it's created a lack of short term demand in the market''.
 
''On the supply side Kazakhstan has steadily increased production from 2007 through to this year so production has grown by 360% over that period of time''.
 
''There was a lack of short term demand and excessive supply coming onto the market and what that's done is that it's created a market where utilities are just not incentivised to contract'', Chan says.
 
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