NYMEX Palladium Futures Options Trading
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Platinum and palladium are among the world's scarcest metals. Only about 4.5 million troy ounces of platinum and approximately 5 million ounces of palladium entered Western markets in 1994. By comparison, worldwide mine production of gold totaled approximately 70 million ounces in 1994, while supplies of newly mined silver totaled approximately 440 million ounces.
Palladium is the other major metal of the platinum group. It is mined with platinum, and resembles it in many respects, yet there are important differences between the two metals.
Palladium is also produced as a by-product of nickel mining. Russia supplies about 2/3 of production, South Africa about ¼ and North American less than 10%.
Automotive catalysts are the largest consuming sector, accounting for 2/3 of demand. Electronic equipment, dental alloys and jewelry manufacturing also account for palladium use.
NYMEX Division Palladium Futures
Product Symbol PA
Venue CME Globex, CME ClearPort, Open Outcry (New York)
(All Times are New York Time/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)
Open Outcry: Monday – Friday 8:30 a.m. – 1:00 p.m. (7:30 a.m. – 12:00 p.m. CT)
Contract Size 100 troy ounces
Price Quotation U.S. Dollars and Cents per troy ounce
Minimum Fluctuation $0.05 per troy ounce
Termination of Trading Trading terminates on the third last business day of the delivery month.
Listed Contracts Trading is conducted over 15 months beginning with the current month and the next two calendar months before moving into the quarterly cycle of March, June, September, and December.
Settlement Type Physical
Settlement Procedure Daily Palladium Futures Settlement Procedure (PDF)
Final Palladium Futures Settlement Procedure (PDF)
Delivery Period Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.
Grade and Quality Specifications Palladium delivered under this contract shall be a minimum of 99.95% pure.
Position Limits NYMEX Position Limits
Rulebook Chapter 106
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.
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