London Metal Exchange (LME) plans to initiate gold and silver trading contracts on its trading platform in 2016, reports say. The LME noted that it is considering beginning trading in the precious metals for the first time, and introduce new way to attract more traders, reports add. It noted it has the support of its strong clearing house and technology towards the new contracts and is in talks with the London Bullion market for a 2016 launch, reports add.

The announcement was made during the LME’s India roadshows which it undertook as a strategic move to ‘push into India as base metals consumption increases in the region and more Indian metals companies look to manage their price risk’, the exchange stated, as per reports.

The Exchange is also considering launching contracts for more ferrous products and regional premium contracts.

Citing the long held relation with India’s metal industry, LME expressed hopes to increase ‘participation and widen its customer base’ for which it is meeting with market participants in India and informing them on metals price risk management tools, reports add.

The LME is part of the Hong Kong-based HKEx Group.