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Platinum Futures (PL) Contract Specifications

What you're trading

The NYMEX Platinum future (PL) gives you exposure to 50 troy ounces of platinum with physical delivery. Platinum sits at an unusual intersection of precious-metal investment demand and critical industrial demand — it's the primary catalyst in diesel vehicle exhaust systems, used extensively in chemical processing and glass manufacturing, and is increasingly relevant as a substitute for palladium in gasoline catalytic converters. Supply is concentrated geographically (South Africa produces roughly 70% of global platinum), which can make PL sensitive to South African power and labor conditions.

Contract size

50 troy ounces of platinum. 

Tick value

Minimum price fluctuation is $0.10 per troy ounce, and each tick is worth $5.00 per contract. A $1.00 move in the per-ounce price equals $50, and a $10 move equals $500 per contract.

Trading hours

CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the 4:00–5:00 p.m. CT maintenance halt Monday through Thursday. Platinum is less liquid than gold or silver — expect wider bid-ask spreads, especially outside U.S. cash hours.

Settlement type

Physically delivered. Active contract months are January, April, July, and October, plus the current and next two calendar months. Trading terminates on the third-last business day of the delivery month. Most traders close or roll before last trading day.

Margin snapshot

PL margin reflects platinum's lower liquidity and concentrated supply risk. Moves can be sharp when South African supply news breaks or when auto-industry demand data shifts.

Initial margin (overnight)

~$4,500–$6,500 per contract (approximate; varies with volatility)

Maintenance margin

~$4,100–$5,900 per contract

Day-trade margin

Broker-set; often a fraction of overnight margin

Notional value (reference)

~$47,500 at $950/oz

Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.

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