New York Mercantile Exchange (NYMEX) has announced it is considering adding precious metals, including platinum and palladium, to its new Web platform, ClearPort.

The new system, which NYMEX expects to supplant its electronic ACCESS trading system by September, could incorporate a range of new metals.

Reuters reports that Joe Raia, NYMEX's senior director of marketing, told the NYMEX Metals Week conference that ClearPort could easily be expanded from its current energy remit to include the most liquid contracts in the metals sector.

'NYMEX is seeing a big blend of OTC (over the counter) and futures markets at the exchange, and ClearPort is a critical risk management tool for energy,' Mr Raia commented. 'We hope we can apply it to metals markets, too.'

Mr Raia said NYMEX could select any of the precious metals contracts should it decide to add metals to ClearPort trading.

It is thought that adding new contracts to the platform would take 30 to 45 days.

NYMEX and its COMEX division currently trade precious metals including gold, silver, platinum and palladium.