Daily Brief Energy/Materials: Silver, Kazatomprom Natsionalnaya Atomnaya Kompaniya and more

In today’s briefing:

Silver Surges to Multi-Year Highs on Industrial and Monetary Tailwinds
Kazatomprom: Initiation of Coverage- Sulfuric Acid Supply & Expanding Production Capacity Is A Vital Factor Driving Growth!

Silver Surges to Multi-Year Highs on Industrial and Monetary Tailwinds

Silver prices have rallied ~24% over the past 12 months, driven by strong industrial demand (solar, EVs) and renewed investor interest amid inflation concerns.
With a fourth consecutive market deficit and accelerating demand from clean energy applications, the setup points to a multi-year bullish cycle—especially if real rates remain subdued.
This report provides a comprehensive analysis of the silver market’s recent performance, long-term demand-supply dynamics, key producers’ sensitivity to price movements, and valuation-driven investment opportunities.

Kazatomprom’s 2024 half-year results reveal a complex landscape of both opportunities and challenges.
Positively, the company remains a leading force in the uranium sector, leveraging its extensive resources and production capabilities to capitalize on strong market fundamentals driven by increasing global interest in nuclear energy.
The emphasis on nuclear power as a viable green energy solution has bolstered demand, potentially leading to a significant supply deficit by 2040, which Kazatomprom appears positioned to address with its strategic focus on expanding production and exploration efforts.

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