Platinum trades on CME Globex from Sunday at 5:00 p.m. CT through Friday at 4:00 p.m. CT, taking a 60 minute break at 4:00 p.m. CT on weekdays.

Platinum Futures (PL): NYMEX 50 Ounce Contract Specs and Margin

Q: Is platinum listed on NYMEX or COMEX?

NYMEX. Gold, silver and copper are COMEX contracts, while platinum and palladium are NYMEX contracts. Both exchanges belong to CME Group.

Q: How big is a tick on platinum futures?

Ten cents an ounce, or $5.00 for the 50 ounce contract.

Q: How much does a $20 platinum move change one PL contract?

A $20 change works out to $1,000 on one contract (50 ounces times $20).

Q: What purity of platinum is delivered on PL?

At least 99.95 percent pure, delivered during the delivery month. Speculators normally exit or roll ahead of first notice day.

Q: Which PL months trade most?

January, April, July and October. NYMEX also lists the three nearest consecutive months.

Q: How long does a PL contract trade?

Until the third last business day of its contract month, and NYMEX lists contracts up to 36 months ahead.

Q: What day and overnight margin applies to PL?

Lincoln Park Financial lists a $2,000 day trading margin and an $11,000 overnight margin per platinum contract. Confirm the current amount on our margins page .

Q: How does platinum differ from palladium?

Both are platinum group metals used in catalytic converters. Platinum has more uses in diesel catalysts, jewelry and hydrogen technology, while palladium goes mainly into gasoline vehicle catalysts. PL is 50 ounces; PA is 100 ounces.

What Is a NYMEX Platinum (PL) Futures Contract?

Platinum futures (PL) are listed on NYMEX, part of CME Group, rather than COMEX, where gold and silver trade. Each contract covers 50 troy ounces of platinum of at least 99.95 percent purity and is physically delivered. A $0.10 tick on PL is worth $5.00, which means every dollar of movement in platinum changes a contract by $50.

Platinum is used in vehicle catalytic converters, chemical and petroleum refining, glass making, jewelry and hydrogen fuel cells. PL is traded by industrial users, mining companies and traders who follow the platinum group metals. Its sister contract is Palladium (PA); for gold and silver, see our metals hub.

NYMEX Platinum (PL) Contract Specifications

PL lists three consecutive months plus January, April, July and October contracts out to 36 months, and the January, April, July and October months carry most of the volume. A contract month stops trading on its third last business day, and delivery can occur on any business day of the delivery month.

Product:

Platinum

Futures Contract Symbol:

Exchange:

NYMEX (part of CME Group)

Contract Size:

50 troy ounces

Trading Hours:

Globex hours: Sunday 5:00 PM CT to Friday 4:00 PM CT, with a 60 minute break at 4:00 PM CT on weekdays

Minimum Price Fluctuation:

Ten cents ($0.10) per ounce, which is $5.00 per contract

Contract Months:

Monthly contracts listed for 3 consecutive months and any Jan, Apr, Jul, and Oct in the nearest 36 months

Settlement Method:

Physical delivery, minimum 99.95 percent purity

Exchange Fees:

$1.60/contract

NYMEX Platinum (PL) Margin

Holding Period:

Day Trading Margins

Overnight Margins

Margins:

$2,000

$11,000

Platinum margin sits alongside the other metals on our futures margins page. Compare it with Palladium (PA), the other NYMEX platinum group metal, or visit our metals hub for COMEX gold, plus COMEX Silver (SI) and Copper (HG). To trade platinum, open an account or request a commission quote.

Official Exchange Source: CME Group NYMEX Platinum Contract Specifications

The above information is derived from sources believed to be accurate. It is provided without guarantees and is subject to change without notice.

Supply and Demand Factors in the Platinum Market

The platinum market is small and concentrated, which can lead to sharp price changes. PL traders follow these factors; they are not a forecast.

South African supply: South Africa mines most of the world platinum, so power shortages, labor issues and mine closures there affect supply.
Autocatalysts: platinum is used in catalytic converters, especially for diesel vehicles, so vehicle production and emissions rules matter.
Substitution with palladium: automakers can shift between platinum and palladium in gasoline catalysts when their relative prices change.
Hydrogen and industry: fuel cells, electrolyzers, refining and glass production add industrial demand.
Market balance reports: the World Platinum Investment Council publishes quarterly estimates of supply, demand and above ground stocks.

Platinum futures are leveraged, so price swings can produce losses beyond the initial margin.