The launch of the London Metal Exchange's new precious metals contracts will be delayed until July 10, more than a month later than previously announced, it said on Monday.

The new gold and silver contracts, a mix of daily and monthly contracts designed to enable industrial users to hedge specific dates, were due to go live in early June.

But the LME decided to delay the start "in the interests of maximizing market readiness and participation", it said in a statement on Monday, adding that some prospective participants had indicated that they would not be ready to participate fully in the contracts until the July date.