The spot price is now up by 19.8% since the start of July.
BMO Capital Markets held a uranium seminar in London last week to coincide with the World Nuclear Association Symposium (WNAS), saying there was increasing confidence of positive price upside.
Analysts said there were early signs that utilities were starting to get nervous.
"The mine supply cuts and material being absorbed into the Yellowcake vehicle has registered with utilities, particularly given Cameco is now a buyer in the spot market to cover its existing contracts," BMO said.
"While most still have plenty of medium-term inventory cover (and global inventories remain well above the long-term average), there has been evidence of some need to cover near-dated requirements as the per-existin...