The uranium spot price rose 3.5% to $40.05 per pound, the highest level since late 2014.
"Financial players are clearly accelerating price discovery, but this would not be occurring if there was not a fundamental and substantial supply deficit," Canaccord Genuity analyst James Bullen said.
"Additionally, with the spot price still well below our view of the incentive price required for necessary mine restarts and new developments to balance the market, we believe this cycle has a long way to go."
Meanwhile, other metals fell due to the strength in the US dollar.
Gold's recent rally came to an abrupt halt as the price fell back below $1800 an ounce.
Cryptocurrencies were also heavily sold off, with Bitcoin dropping from over $52,000 to as low as $43,000 before recovering to just below $47,000.
Zinc was the only base metal which did not fall.
