It's been a fairly horrid start to the trading week for ASX shares this Monday thus far. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) has plunged by a hefty 1.2%, leaving the index at just over 7,750 points. To be fair this was coming off a pretty high base, given Friday's new all-time record for ASX 200 shares. But let's talk about ASX uranium shares.
Uranium stocks are having an even worse time of it than most today. While the ASX 200 has lost 1.2%, uranium stocks like Paladin Energy Ltd (ASX: PDN), Boss Energy Ltd (ASX: BOE) and Deep Yellow Ltd (ASX: DYL) are doing far worse.
Paladin shares are currently down 2.01% at $1.22 each. Deep Yellow stock has lost 2.2% down to $1.25, while Boss Energy is getting hit even harder, currently nursing a 3.1% loss down to $4.70 a share.
So what's going on with these ASX uranium shares on Monday that is seeing them so drastically underperform the broader market?
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Why are ASX uranium shares under pressure today?
Well, it's not entirely clear. There has been no major news or announcements out of any of the above ASX uranium shares so far today that might easily explain these drops.
However, it's worth noting that these shares have been trending lower for weeks now. Since this time last month, the Boss Energy share price has lost close to 10% of its value.
Paladin shares are down 8.3% over the same period, while Deep Yellow stock has shed more than 16%.
It is probably no coincidence that the price of uranium itself has been falling over the past month too. According to BusinessInsider, uranium was asking just under US$104 per pound four weeks ago. Today, that same pound is trading for just US$91.25. That's a drop worth more than 10%.
Uranium has also fallen around 3% over just the past week alone. So considering all of this, it's no real surprise to see ASX uranium shares like Boss and Paladin under pressure this Monday.
