COMEX Platinum and Palladium
Futures and Options Market Trading

Learn the most effective strategies for buying and selling options on futures contracts. Also learn producer and consumer hedging strategies.

*The information contained within this webpage comes from sources believed to be reliable. No guarantees are being made to the content's accuracy or completeness.

Platinum Futures and Palladium Futures Trading Facts

Platinum and palladium are both very important metals for a multitude of industrial and personal uses. The New York Mercantile exchange is the world's premiere exchange dealing in these two very important metal future contracts. Platinum futures and palladium futures trading have become more popular over the last several years. Platinum and palladium are the most widely used of the six platinum group metals (PGM); the group also includes rhodium, ruthenium, osmium, and iridium. They are especially valued for their catalytic functions, their conductivity, and their resistance to corrosion. They are essential in key manufacturing processes in the automobile, chemical, petroleum refining, pharmaceutical, and electronics industries.

Here is the option strategy guide for metals courtesy of the CME Group.

Metals brochure

During the September 11 terrorist attacks the NYMEX was destroyed but within days the platinum futures and palladium futures markets were trading again. This is a testament to the strength and reliability of the metals future markets.

Platinum is the principal metal of the six-metal group that bears its name; the other platinum group metals are palladium, rhodium, ruthenium, osmium, and iridium. All possess unique chemical and physical qualities that make them vital industrial materials.

Platinum is used to create jewelry, automotive catalysts, chemical and petroleum refining catalysts.

Platinum is used in the computer industry and in other high-tech electronic applications since it is an excellent conductor of electricity and does not corrode.

Are you a platinum or palladium hedger? If so, click here to learn more.

*Contract information changes from time to time. Please click here to see the most recent contract specifications and click here for the most recent trading hours.

NYMEX Division Platinum Futures and Options

Trading Unit

Platinum Futures: 50 troy ounces.

Options: One NYMEX Division platinum futures contract.

Trading Hours

Platinum Futures and Options: 8:20A.M. To 1:05P.M., for the open outcry session.

Trading Months

Platinum Futures: Trading is conducted over 15 months beginning with the current month and the next two consecutive months before moving into the quarterly cycle of January, April, July, and October.

Options: Trading is conducted in the nearest three contiguous calendars contract months, plus the next two months of the quarterly cycle of January, April, July, and October.

Price Quotation

Platinum Futures and Options: Dollars and cents per troy ounce. For example: $425.20 per troy ounce.

Minimum Price Fluctuation

Platinum Futures and Options: Price changes are in multiples of $0.10 per troy ounce, $5 per contract.

Maximum Daily Limit

Platinum Futures: $25 per troy ounce ($1,250 per contract). There is no maximum daily limit during the current delivery month and the three business days preceding it.

Options: No Price Limit

Last Trading Day

Platinum Futures: Trading terminates at the close of business on the fourth business day prior to the end of the delivery month.

Options: Second Friday of the month prior to the delivery month of the futures contract traded.

Options Strike Price Intervals

Strike prices are in increments of $10 per troy ounce. At least seven strike prices are listed at all times.

Trading Symbol

PL

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NYMEX Division Palladium Futures

Palladium is the other major metal of the platinum group. It is mined with platinum, and resembles it in many respects, yet there are important differences between the two metals. Palladium is also produced as a by-product of nickel mining. Russia supplies about 67% of production, South Africa, 23%; and North America, 8%. Annual production runs approximately 8.1 million ounces.

Automotive catalysts are the largest consuming sector, accounting for 63% of demand. Electronic equipment accounts for 21%; dental alloys, 12%; and jewelry, 4%.

Trading Unit

100 troy ounces

Trading Hours

8:30A.M. to 1:00P.M. New York time.

Trading Months

Trading is normally conducted over 15 months beginning with the current month and the next two consecutive months before moving into the quarterly cycle of March, June, September, and December.

Price Quotation

Dollars and cents per troy ounce. For example: $98.85 per troy ounce

Minimum Price Fluctuation

Price changes are in multiples of $0.05 per troy ounce ($5 per contract).

Maximum Daily Limit

$6 per troy ounce ($600 per contract). There is no maximum daily limit during the current delivery month and the three business days preceding it.

Trading Symbol

PA

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To see other metal futures visit gold futures, silver futures and copper futures.

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