Spot uranium prices remained unchanged this week, as some analysts worried whether the proverbial summer doldrums were finally settling in, while others remained bullish.

In global nuclear news, companies in the United States looked for financial backing from the government, the controversial U.S.-India nuclear cooperation agreement cleared another hurdle, and in the Gulf, the idea of a fuel bank found more support. 

First to the markets: Both Ux Consulting and Tradetech left their spot uranium price projections at US$64.50 a pound U3O8 this week, with long-term prices expected to stay at US$80 a pound at least through the end of the month.  

And while that may look like a downturn, it’s really just a plateau after the rapid rise of spot prices in recent weeks. According to Tradetech, July saw 15 transactions worth more than two-and-a-half million pounds U3O8 equivalent concluded in spot market, on top of another two million pounds U3O8 traded in June. 

Uranium futures continue to paint a bright picture. August contracts are worth US$66, September futures are worth US$67, October US$69, November US$70, and December US$72. Looking further ahead, we find June 2009 futures worth US$74, and September 2009, December 2009, and March 2010 futures all worth US$78. 

According to the weekly uranium update from Toll Cross Securities, uranium companies are still taking a beating on the stock market. Compared to this time last week, junior explorers were down 2%, advanced explorers dropped 10%, production visibility companies fell 8%, and producers also fell 10%. The Toll Cross Junior Uranium Index dropped 2%, falling to 263.13 from 270.98. 

Now to global nuclear news: The United Arab Emirates (UAE) has contributed US$10 million toward the construction of a fuel bank proposed by the Nuclear Threat Initiative in 2006. According to the Gulf News newspaper, the planned fuel bank would provide the International Atomic Energy Agency (IAEA) a dedicated stockpile of low-enriched uranium. 

The agency could them provide countries assurances of nuclear fuel supply, even in times of potential supply disruption. The UAE contribution brings the total amount committed to the planned fuel bank to $115 million, which confirms wide interest in the nuclear fuel bank. 

In the United States, the Department of Energy has received applications for federal loan guarantees for that country’s first new nuclear power plant and the first new fuel cycle facility. World Nuclear News reported Constellation Energy's Calvert Cliffs 3 nuclear plant and USEC's American Centrifuge Plant are the first announced applications for loan guarantees under the 2005 Energy Policy Act. 

And over in India, that country’s proposed nuclear cooperation agreement with the United States cleared another hurdle, after the International Atomic Energy Agency unanimously approved the deal. But before coming into effect, the deal must still be approved by the Nuclear Suppliers Group and ratified by the American congress. 

The controversial U.S.-India agreement would provide India with access to global nuclear fuel and technology in exchange for regulatory access to its civilian nuclear facilities. Its critics continue to attack India’s refusal to sign a nuclear nonproliferation agreement.