futuresspecs

NYMEX · Metals · Futures

Platinum Futures (PL)

NYMEX Platinum (PL): 50 troy ounces, physically delivered, traded nearly 24 hours a day on CME Globex.

Tick size / value
0.10 $/oz = $5.00
Point value
$50 / $1
Active contract
PLF27 Jan 2027
Next roll
Dec 28 in 90 days
Globex right now
Checking…
01

Contract specifications

Exchange
New York Mercantile Exchange (NYMEX, CME Group)
Underlying
Platinum (min. 99.95% purity)
Contract unit
50 troy ounces
Minimum tick
$0.10 per troy ounce = $5.00 per contract
Point value
$50.00 per $1.00 per troy ounce · 10 ticks per $1
Price quotation
U.S. dollars and cents per troy ounce
Contract months
January, April, July, October (F, J, N, V)
Settlement
Physical delivery
Final settlement
Delivery of platinum from NYMEX-approved depositories
Termination of trading
Trading terminates on the third last business day of the contract month
Globex code
PL

Source: CME Group contract specifications · reviewed Sep 30, 2026

02

Roll dates, first notice & expiration

ContractRoll dateFirst noticeLast trading dayDays left
PLV26 Oct 2026 Fri, Sep 25, 2026 Wed, Sep 30, 2026 Wed, Oct 28, 2026 29
PLF27 Jan 2027 Active Mon, Dec 28, 2026 Thu, Dec 31, 2026 Wed, Jan 27, 2027 120
PLJ27 Apr 2027 Thu, Mar 25, 2027 Wed, Mar 31, 2027 Wed, Apr 28, 2027 211
PLN27 Jul 2027 Fri, Jun 25, 2027 Wed, Jun 30, 2027 Wed, Jul 28, 2027 302
PLV27 Oct 2027 Mon, Sep 27, 2027 Thu, Sep 30, 2027 Wed, Oct 27, 2027 393
PLF28 Jan 2028 Tue, Dec 28, 2027 Fri, Dec 31, 2027 Thu, Jan 27, 2028 485

Roll. The date shown is three business days before first notice, when speculators roll to the next active month.

First notice day. Last business day of the month before the contract month. Longs can be assigned delivery from here on – brokers usually require longs to be closed or rolled before this date.

Last trading day. Third last business day of the contract month.

US exchange holidays ahead: Nov 26 · Dec 25 · Jan 1 · Jan 18 · Feb 15 · Mar 26 · May 31 · Jun 18

Calculated from exchange rules and the US exchange holiday calendar. Confirm with the CME Group expiration calendar.

03

Trading hours (ET / CT)

SessionEastern (ET)Central (CT)Your time
CME Globex (electronic)Sun–Fri 6:00 p.m. – 5:00 p.m.Sun–Fri 5:00 p.m. – 4:00 p.m. –
Daily maintenance breakMon–Thu 5:00 – 6:00 p.m.Mon–Thu 4:00 – 5:00 p.m. –

Holiday hours differ – check the exchange holiday calendar before trading around US holidays. ET is New York time, CT is Chicago time (always one hour behind ET).

04

Margins

CME Group maintenance margin per contract, outright position · as of Sep 30, 2026
ContractMaintenance
PLV26 Oct 2026 $7,759
PLF27 Jan 2027 Active $7,852
PLJ27 Apr 2027 $7,946
PLN27 Jul 2027 $8,031

Exchange margins are the minimum your clearing firm must collect for positions held overnight. Brokers may require more – and usually offer much lower day-trading margins for positions closed before the session ends. A neutral broker day-margin comparison is coming soon.

05

COT positioning

CFTC Disaggregated Report, futures only · positions as of Tue, Sep 22, 2026 · released Sep 25, 2026

Producers / Merchants

−11,759 net contracts

+210 vs. prior week · −18.0% of OI

COT Index 26 wk 58
COT Index 3 yr 90

Movement (6 wk): −1

Producers, merchants, processors and users hedging physical business – the classic commercials. They tend to buy weakness and sell strength.

Swap Dealers

−8,002 net contracts

−162 vs. prior week · −12.2% of OI

COT Index 26 wk 61
COT Index 3 yr 14

Movement (6 wk): −4

Swap dealers – banks hedging OTC swaps, including commodity index money. Often structurally positioned; read against their own range, not the sign.

Managed Money

+9,928 net contracts

+956 vs. prior week · +15.2% of OI

COT Index 26 wk 36
COT Index 3 yr 61

Movement (6 wk): +4

Managed money – CTAs, commodity pools and hedge funds. Trend followers; their positioning tends to peak near turning points.

Net positions, last 3 years contracts, long minus short
Producers / MerchantsSwap DealersManaged Money
COT Index, 3-year window 0 = most net short in 3 years, 100 = most net long · shaded: extreme zones
Producers / MerchantsManaged Money
Disaggregated Report · open interest 65,373 (−105 w/w)
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Producers / Merchants 3,34715,106−11,759 +210+369 5890−1
Swap Dealers 15,59023,592−8,002 −162−550 6114−4
Managed Money 19,1909,262+9,928 +956−300 3661+4
Other Reportables 7,8162,378+5,438 −810+280 5036−2
Nonreportables 7,8233,428+4,395 −194+201 3849−6
Legacy Report · open interest 65,373 (−105 w/w) · WILLCO (26 wk, commercials vs. OI): 85
GroupLongShortNet Δ 1 wkΔ 4 wkIndex 26 wkIndex 3 yrMove 6 wk
Commercials 20,88540,646−19,761 +48−181 6155−3
Non-Commercials 27,00611,640+15,366 +146−20 4149+5
Nonreportables (small) 7,8233,428+4,395 −194+201 3849−6
Weekly net positions, last 12 reports (Disaggregated Report)
Report dateProducers / MerchantsSwap DealersManaged MoneyOther ReportablesNonreportablesOpen interest
Sep 22, 2026−11,759−8,002+9,928+5,438+4,39565,373
Sep 15, 2026−11,969−7,840+8,972+6,248+4,58965,478
Sep 8, 2026−12,343−7,505+9,787+6,189+3,87267,810
Sep 1, 2026−12,216−7,089+8,685+6,315+4,30568,059
Aug 25, 2026−12,128−7,452+10,228+5,158+4,19464,648
Aug 18, 2026−11,071−6,486+7,214+5,825+4,51860,129
Aug 11, 2026−11,400−7,014+7,718+5,822+4,87456,771
Aug 4, 2026−11,155−7,287+10,960+3,801+3,68155,848
Jul 28, 2026−9,599−6,552+6,526+5,109+4,51653,658
Jul 21, 2026−9,314−7,465+6,223+6,261+4,29553,721
Jul 14, 2026−9,170−8,416+8,266+5,482+3,83853,837
Jul 7, 2026−9,239−8,463+7,585+6,287+3,83053,645
How to read these numbers
  • Net position = long minus short contracts (spread positions excluded).
  • COT Index = where today's net position sits within its range over the window: 100 × (net − min) / (max − min). It is a stochastic, not a percentile. Readings above 80 or below 20 are commonly treated as positioning extremes (after Stephen Briese and Larry Williams).
  • Movement Index = change of the 3-year COT Index over 6 weeks. Moves of ±40 points mark unusually fast repositioning.
  • WILLCO (Legacy report) = COT Index of commercials' net position as a share of open interest, 26-week window.
  • Positions are as of Tuesday and released Friday at 3:30 p.m. ET. COT data shows positioning, not timing – it is context, not a trading signal. Open-interest-based indicators are left out for stock index futures because quarterly expirations distort open interest.

Source: CFTC Public Reporting Environment · contract market code 076651 (PLATINUM - NEW YORK MERCANTILE EXCHANGE)

06

PL profit & loss calculator

Price change– Ticks– Profit / loss–

Before commissions and exchange fees. Prices round to the nearest tick of 0.10.

07

FAQ

What is the tick value of platinum futures (PL)?

One tick is $0.10 per troy ounce, worth $5.00 per contract. A $1.00 move is worth $50.

Which platinum contract months are traded?

January, April, July and October.

What does the COT Index show?

The COT Index places a group's current net position within its own range over a lookback window: 100 = the most net long in that window, 0 = the most net short. It measures positioning extremes, not timing.