As of April 23 weekly spot prices for uranium stood at $113 a pound.

Nymex Holdings Inc. uranium futures contract is set to debut on May 7.

The uranium futures contracts will provide nuclear power plants with a vehicle to hedge against rising prices.

Uranium prices are up more than tenfold in the past four years as commercial stockpiles dwindle and more plants are built.

The new uranium futures also provide traders a direct way to speculate on the price of uranium.

The contract would be cash-settled, eliminating the need for a delivery point for the radioactive material, the sources said.

"Uranium has been the market to be in over the past couple of years," said Phil Flynn, an analyst at Alaron Trading Corp., which trades both energy and metals from its Chicago office. "Whenever you get a run like this in something that's not listed" exchanges see it as a chance to list a new contract, Flynn said.