Uranium producers surge after world's top producer cuts output

Shares of uranium producers are moving higher after the world's leader in uranium production, Kazakhstan, announced it will cut production. WHAT'S NEW: Kazatomprom, the national operator of Kazakhstan for import and export of uranium, said on Tuesday that due to the prolonged recovery in the uranium market, planned 2017 production from Republic of Kazakhstan will be reduced by approximately 10%. According to Bloomberg, Rob Chang, head of metals and mining at Cantor Fitzgerald in Toronto, said in a note: "We had given up on expecting Kazakhstan to exercise production restraint as its mines were the lowest cost operators in the world. This news is a definite surprise and may be the inflection point for the uranium space to head higher across the board." PRICE ACTION: Shares of publicly traded companies involved in uranium production are trading higher in late morning trading, including Uranium Energy (UEC), up 11.5%, UR-Energy (URG), higher by 9.6%, Uranium Resources (URRE), surging 55%, and Denison Mines (DNN), higher by 9.2%.