TD Cowen sees more room for prices to run if supply tightens. The bank’s long-term uranium forecast is $95/lb, meaning the current term price has already moved above its model. It argues that inflation since 2007 makes the nominal record less imposing than it first appears.The long-term demand picture remains increasingly constructive. TD Cowen forecasts global uranium demand rising from about 205 million pounds in 2026 to 322 million pounds by 2035, while total supply reaches only 281 million pounds, implying a 42-million-pound deficit in 2035.Policy and supply developments are leaning bullish. Washington is accelerating advanced-reactor and fuel-cycle projects, India is opening nuclear generation to private investment, and Kazatomprom has delayed a key sulfuric-acid facility that could affect 2027 uranium production. TD Cowen names Cameco as its top uranium equity pick and Denison Mines as its preferred small/mid-cap name.The move has occurred despite ( or because of?) relatively light summer trading. Through August 31, spot-market volume totaled 36.9 million pounds across 368 transactions, about 7% above the prior year, while reported term contracting exceeded 38 million pounds, roughly 15% below last year. TD Cowen says prices have continued to rise because buyers seeking timely delivery are encountering relatively tight short-term supply.The current term price is also slightly above TD Cowen’s own $95/lb long-term uranium assumption. The bank notes that the comparison with 2007 is nominal, and that the significant inflation accumulated since then leaves room for both spot and term prices to move higher if the market shifts more materially into deficit.Mine and secondary supply are also expected to increase, but the balance becomes tighter toward the end of the forecast period. Total supply rises from about 204 million pounds in 2026 to a peak of 298 million pounds in 2034 before falling to 281 million pounds in 2035. Against projected demand of 322 million pounds, TD Cowen forecasts a 42-million-pound deficit in 2035.TD Cowen expects uranium demand to rise materially through 2035, with supply failing to match projected reactor requirements late in the forecast period.Long-term contracting matters because nuclear utilities typically secure fuel well before it is required. Uranium procurement also sits within a broader fuel cycle that includes conversion, enrichment and fabrication, so utilities must consider availability across several stages rather than simply relying on the spot uranium market.Uranium Needs to Go Higher.https://t.co/7YJn1SMmB1