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PLATINUM FUTURES

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TRADING UNIT:  Futures: 50 troy ounces. 

 Options: one NYMEX Division platinum futures contract. 

TRADING HOURS:  Futures and options: 8:20 A.M. to 2:30 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:  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 calendar contract months, plus the next two months of the quarterly cycle of January, April, July, and October. 

PRICE QUOTATION:  Futures and options: dollars and cents per troy ounce. For example: $425.20 per troy ounce. 
MINIMUM PRICE FLUCTUATION:  Futures and options: Prices changes are in multiples of $0.10 (10 cents) per troy ounce, $5 per contract. 
>MAXIMUM DAILY LIMIT:  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. If the settlement price reaches the maximum daily limit for two consecutive days, the expanded daily limit schedule will go into effect. The maximum expanded daily limit is $50 per troy ounce ($2,500 per contract). 

Options: No price limits. 

LAST TRADING DAY:  Futures: 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 options contract traded. 

EXERCISE OF OPTIONS: By a clearing member to the clearinghouse not later than 5:30 p.m., or 45 minutes after the underlying futures settlement price is posted, whichever is later, on any day up to and including the option’s expiration. 
OPTION STRIKE PRICE INTERVALS:  Strike prices are in increments of $10. At least seven strike prices will be listed at all times. 
  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. 
EXCHANGE OF FUTURES FOR,
OR IN CONNECTION WITH, PHYSICALS (EFP):
 
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 either initiate or liquidate 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. 
PACKAGING:  Platinum 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. 
GRADE AND QUALITY SPECIFICATIONS:  In fulfillment of each contract, the seller must deliver 50 troy ounces (+/-5%) of platinum 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:  1,500 contracts for all months combined or in any one month, but not to exceed 700 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 and short options positions. The margin requirement for an options purchaser will never exceed the premium paid. 
TRADING SYMBOLS  Futures:PL 
Options:PO 

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The contents herein are strictly the opinion of its writers and is intended solely for informative purposes and is not to be construed, under any circumstances by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of futures conditions are attempted.

Futures trading involves substantial risk of loss and is not suitable for everyone. In no event should the content of this site be construed as an express or an implied promise, guarantee or implication by or from Trade Futuresor National Commodities Corporation, Inc., that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of futures performance.