Contact Specifications | Trade Futures


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TRADING UNIT:  100 troy ounces.
TRADING HOURS:  Futures and options: 8:10 A.M. to 2:20 P.M. for the open outcry session. After-hours trading is conducted via the NYMEX ACCESS® electronic trading system beginning at 4 P.M. on Mondays through Thursdays and concluding at 8 A.M. the following day. On Sunday, the electronic session begins at 7 P.M. All times are New York time.
TRADING MONTHS:  Trading  is 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 (5 cents) 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. If the settlement price reaches the maximum daily limit, the expanded daily limit schedule will go into effect the next day. The maximum expanded daily limit is $12 per troy ounce ($1,200 per contract). 
LAST TRADING DAY:  The close of business on the fourth business day prior to the end of the delivery month. 
DELIVERY GRADE: The minimum specification is a palladium content of .9995. 
DELIVERY:  Delivery notice may be given by the seller to the Exchange on the last business day preceding the delivery month or any subsequent business day up to the third business day prior to the end of the delivery month. The basis of delivery is the settlement price on the day the delivery notice is issued. 
The buyer or seller in a cash market transaction may exchange a futures position for a physical position of approximately equal quantity. EFPs may be used to initiate or terminate a futures position. 
INSPECTION:  Inspection must be made by an Exchange-approved assayer. Assay certificates are valid provided the metal covered is thereby passed directly from the assayer to an Exchange-approved depository by means of an Exchange-approved carrier. 
PACKING:  Palladium may be delivered in packaged or unpackaged form. If packaged, the package must be sealed by an Exchange-approved assayer or producer of an approved brand so that it cannot be opened without destroying the seal. The package must bear the lot or bar number, weight, grade, name, or logo of the assayer or approved brand mark, and the symbol of the metal. If there is more than one plate or ingot in the package, each plate or ingot must be incised with the lot or bar number and the weight. 
GRADE AND QUALITY SPECIFICATIONS:  In fulfillment of each contract, the seller must deliver 100 troy ounces (+/-5%) of palladium not less than .9995 fineness, with no single piece weighing less than 10 ounces. Each contract unit may consist of ingots or plates, each incised with the lot or bar number, weight, grade, name, or logo of the assayer, and symbol identifying the metal. 
POSITION LIMITS:  625 contracts for all months combined or in any one month, but not to exceed 225 contracts beginning on the last business day prior to the first notice day of the  delivery month. 
MARGIN REQUIREMENTS:  Margins are required for open futures positions.
See also  Chart Formations | TrendLines | PFG Futures