Investors may want to keep an eye on uranium stocks as Japan restarts nuclear reactors, giving the metal a well-needed boost.
Spot prices jumped 5 percent over the weekend following news on Friday that two nuclear reactors in the southern Japanese prefecture of Kagoshima will be restarted next year.
"We believe this approval could provide a significant positive catalyst for uranium equities and the industry as a whole," Joe Reagar, analyst at Roth Capital, wrote in a research note published Friday.
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The two reactors at the Sendai nuclear plant will be the first to go online since the deadly Fukushima nuclear disaster in March 2011, which closed all 48 plants in the country.
Nuclear power plants use uranium fuel to generate electricity through a process called fission. A kilogram of uranium-235 has the capacity to produce three million times the energy equivalent of oil or coal, according to the European Nuclear Society.