Often considered more precious than gold, platinum is a rare and fascinating metal. Its resistance to most corrosive elements has made it an ideal choice for several industrial (as well as decorative) applications, but its apparent rarity of occurrence in the Earth’s crust has also made for a volatile market.
Contract Size: 50 troy ounces
Price Quote & Tick Size: US Dollars and cents per ounce; minimum tick size is ten cents per ounce or $5.00 per contract.
Contract Months: All months
Trading Specs: Open outcry trading is conducted from 8:20 AM to 1:05 PM ET. CME Globex: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT) CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Daily Price Limit: As of date of initial publishing, there were no daily limits; however, it is wise to consult the exchange.
Trading Symbols: PL
This precious metal is one of six metallic elements collectively known as platinum group metals (PGM). The other five members of PGM include ruthenium, rhodium, palladium, osmium, and iridium.
Soil and sediment deposits – otherwise known as alluvial deposits – have proven to be a significant source of platinum, but it can also be found as a byproduct of nickel mining. Approximately eight tons of ore must be mined to produce one pure ounce of platinum. The refining process can be an intensive mix of mining, crushing, milling, mixing, melting, and smelting – this process can take up to eight weeks.