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PLATINUM
CONTRACT SPECIFICATION
| Trading Screen Product Name | NYMEX Platinum | |
| Commodity Code | PLE | |
| Contract Size | 50 troy ounce / lot | |
| Price Quotation | USD / troy ounce | |
| Trading Hours | Monday - Friday 06:00 A.M - 05:00 A.M (the next day) |
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| Minimum Price Fluctuation | 0.1 USD / troy ounce | |
| Contract Series | 3 consecutive months and any January, April, July, and October in the nearest 15 months | |
| Delivery Registration Day | The fifth business day prior to the First Notice Day | |
| First Notice Day | Last day of trading of the month preceding the delivery month. | |
| Last Trading Day | The third last business day of the delivery month. | |
| Margin | As MXV required | |
| Position Limit | As MXV required | |
| Price Limit |
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| Settlement Method | Deliverable | |
| Quality Standards | Standards are detailed below |
QUALITY STANDARDS
In accordance with the regulations of Platinum traded on New York Mercantile Exchange (NYMEX).
Product infomation
About
Platinum, also known as platinum, is a rare, white, solid and malleable transition metal. Bach im is found at the format of Nickel and co dong, the element master in South Africa, accounts for about 80% of world production.
Platinum traded on Nymex exchange.
Special Points
Platinum has properties, very little corrode at high temperatures, so it is considered a precious metal. Platinum is less abrasive and translucent, so it is very suitable for making fine art jewelry. Platinum is used as a catalyst, laboratory equipment, telegraph equipment, electrodes, resistance thermometers, and dental equipment.
Figure 1. Platinum mining in South Africa
Platinum material is scarce, precious and very valuable because the annual mining output is only a few hundred tons. Some platinum compounds are also used in chemotherapy against cancer.
Platinum is an extremely rare metal, it only makes up 0.005ppm in the Earth's crust.
Production and trade
About 97% of the world's platinum comes from one of five countries: the United States, Canada, Zimbabwe, Russia and South Africa.
Of which, South Africa produced about 110 tons.
Figure 2. Platinum production in 2014. Source Wikipedia
South Africa is also the country that exports 33% of the world's platinum exports (about 9.3 billion of the world's $27.4 billion, followed by the UK, Russia, Germany, the US, and Japan. At that time, the United States was the world's largest importer of platinum
Figure 3. Platinum exporting countries in 2017. OEC source
Figure 4. Platinum importing countries in 2017. OEC source
Factors affecting the global platinum price
In addition to producing more than 75 percent of global annual platinum production , South Africa also accounts for about 95 percent of global reserve platinum production .
South Africa is a developing country so the market in this country is quite volatile and unpredictable. Events such as worker protests could reduce platinum mining output in the country. In addition , related economic or political events can also affect platinum mining activities .
* Development situation of the global auto industry
The auto industry accounts for about 40% of global platinum production. Therefore, the evolving trends of the auto industry will affect the price of this metal.
* Electric vehicle development
Demand for electric vehicles may contribute to the increase in demand for platinum. Factors affecting demand for electric vehicles such as oil prices as well as emissions issues affecting the environment can also impact demand for platinum.
* Changing catalytic conversion technology
* Investment needs
Investment needs account for a small percentage of the total annual demand for platinum . However , the depreciation of the US dollar and high gold prices may cause investors to seek alternative investments to platinum .
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