In commodity market terminology, Platinum refers to a precious metal primarily used in the production of jewelry, as well as in chemical and petroleum refining and in the manufacture of automotive catalyst systems. Approximately 80% of Platinum originates in South Africa, with roughly 10% coming from Russia and the rest from North America.
Platinum futures are traded on the New York Mercantile Exchange and the Chicago Mercantile Exchange’s Globex and ClearPort electronic trading platforms. The contract size is 50 troy ounces and the futures are quoted in U.S. Dollars with a minimum fluctuation of $0.10 per troy ounce or $5.00 per contract. Platinum futures are traded under the symbol PL.