Platinum | NYMEX: PL | Currency: USD | Type: Commodity Futures
Key Statistics
About Platinum
Platinum futures on NYMEX cover 50 troy ounces of a metal that is both precious and industrial, with autocatalysts for diesel vehicles historically its largest demand source. Supply is highly concentrated in South Africa, making power outages and labour actions there significant price events. Platinum's discount or premium to gold is a long-standing relative-value measure among metals traders.
Instrument Details
| Ticker | PL |
| Exchange / Market | NYMEX |
| Instrument type | Commodity Futures |
| Quote currency | USD |
Underlying & Contract Specifications
| Underlying asset | Platinum (physical) |
| Exchange | NYMEX (CME Group) |
| Contract unit | 50 troy ounces |
| Tick size | US$0.10 per oz |
| Expiry cycle | Quarterly cycle (active months) |
Contract specifications are indicative — always verify against the exchange's official contract page before trading.
Trading Hours
Platinum trades nearly 23 hours a day on CME Globex-style sessions — from roughly 03:30 AM IST Monday through 02:30 AM IST Saturday, with a one-hour daily maintenance break around 03:30 AM IST. Outside those hours this page shows the last traded level, with change figures measured against the previous official close. All session times are expressed in Indian Standard Time (IST).
How to Read Platinum
Market participants often monitor Platinum alongside the US dollar index — a stronger dollar can sometimes coincide with weaker dollar-priced commodities. The 52-week range frames how extreme current prices are versus the past year, and moving averages define the medium-term trend. Inventory reports and supply news create the sharpest single-day moves.
52-week range: 1,367.3 – 2,852.4. Trailing 12-month change: 21.60%.
By Liveworldmarket Editorial Team · Last reviewed 31 August 2026
Platinum Futures (NYMEX PL) — A Practical Guide
Platinum futures, traded on NYMEX under ticker PL, are the global benchmark for institutional platinum price discovery. The standard PL contract is 50 troy ounces priced in USD per ounce — so one contract represents approximately $50,000 of underlying exposure at typical 2026 prices. Platinum is one of the six platinum-group metals (PGMs); the others are palladium, rhodium, iridium, osmium and ruthenium. Platinum and palladium are by far the most-traded PGMs.
Platinum has a dual personality similar to silver: roughly 40% of demand is industrial (primarily auto-catalyst applications in diesel vehicles, plus jewellery and electronics), and 30% is investment (bars, ETFs, central-bank reserves). South Africa accounts for roughly 70% of global platinum mine supply, making the metal uniquely sensitive to South African political stability, mine-labour disputes, and electricity-supply problems (Eskom load-shedding).
History & contract origins
Platinum futures launched on NYMEX in 1956. Platinum has historically traded at a meaningful premium to gold — the metal is rarer (annual platinum production is only ~5% of annual gold production) and more difficult to extract. The premium peaked in 2008 when platinum traded above $2,300 vs. gold around $1,000. Since the 2015 'Dieselgate' emissions-cheating scandal collapsed diesel-vehicle demand in Europe (the primary platinum-autocatalyst end-market), platinum has traded at a discount to gold — a historical anomaly that has persisted for nearly a decade.
Major platinum price episodes: 2008 peak of $2,308, 2008 GFC crash to $762, 2011 reflation peak of $1,918, 2015-2016 Dieselgate crash to $814, 2020 COVID spike of $1,336 in early 2021 followed by a multi-year decline to $850-1,000 range. Long-run underperformance vs. gold reflects the structural shift from diesel toward gasoline/EV powertrains.
Trading hours & session layout
NYMEX platinum trades the same Globex hours as gold. In IST:
| Weekly open | Sun 03:30 IST |
| High-volume window | 18:00 - 02:30 IST |
| Weekly close | Sat 02:30 IST |
Holiday calendar (typical annual closures)
Listed below are the major scheduled closures for the underlying exchange. Exact dates shift year-to-year — always verify against the exchange's official calendar before holding overnight positions across a holiday boundary.
| Holiday | Typical date |
|---|---|
| New Year's Day | 1 January |
| Good Friday (early close) | Variable |
| Christmas Day | 25 December |
How to read this tape
Read platinum alongside three signals. First, South African mine-supply news — strikes, load-shedding incidents and accidents at the major Sibanye-Stillwater, Impala and Anglo American Platinum mines can drive 5-10% moves. Second, global auto-catalyst demand trends — particularly the diesel/gasoline mix in European vehicles. Third, the platinum/palladium ratio — when palladium gets too expensive (as it did in 2020-2022, reaching $3,400), auto manufacturers substitute platinum into catalytic converters, lifting platinum demand.
Long-run thesis: as the auto industry transitions to EVs (which don't need catalytic converters), traditional PGM demand will erode. The offset is hydrogen-fuel-cell technology, which uses platinum in PEM fuel-cell electrodes — but hydrogen-vehicle deployment has been slower than expected.
Frequently asked questions
Why does platinum trade at a discount to gold?
Two factors: (a) Dieselgate emissions scandal in 2015 destroyed diesel-vehicle demand (the main platinum-autocatalyst end-market), reducing platinum demand by 15-20%, (b) gold's safe-haven monetary role drove unprecedented central-bank buying through 2020-2025. Both effects have inverted the historical platinum premium.
What is the platinum/palladium ratio?
Platinum price divided by palladium price. Historically below 1 (palladium cheaper than platinum) until 2017 when palladium overtook on auto-catalyst demand. The ratio peaked at around 0.3 in 2021 (palladium very expensive) and has normalised back toward 1.0 in 2025-26 as palladium has corrected and platinum has recovered.
Will EVs kill platinum demand?
Long-run yes for the autocatalyst end-use (which is roughly 35-40% of total demand). Offsetting drivers include hydrogen-fuel-cell deployment, jewellery demand (especially in China and India), and investment demand. Platinum bulls argue the offsets will outweigh the autocatalyst decline; bears argue the math doesn't add up.
Where is most platinum mined?
South Africa (~70% of global supply), Russia (~12%, mostly Norilsk), Zimbabwe (~7%), Canada and USA (small fractions). South African production concentration is the single biggest structural risk factor.
Can Indian residents trade platinum?
MCX does not currently list platinum futures. Direct NYMEX trading requires LRS route through a US broker. Physical platinum jewellery and bars are also available through Indian bullion dealers.
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Editorial article. Information only — not investment advice. Read our Risk Disclaimer before acting on any market data shown here.