Platinum Futures Expiration and Delivery Explained
Learn PL expiration: third-last-business-day termination, first-to-last-business-day delivery window, 99.95-pure metal rules, rolls, and broker instructions.
Direct answer
Platinum futures are physically deliverable, not cash settled. No PL trades for the current month may occur after the third last business day of that month, while delivery may occur on any business day from the first business day through the last business day of the delivery month. Deliverable platinum must be 99.95-pure plate, ingot, or five ACE certificates, and EFRP liquidation remains available until noon on the business day after termination.
The PL delivery month defines a window, not a single day
Expiration and delivery belong to one named PL contract month and year. Unlike third-Wednesday currency futures, the PL delivery period spans the whole month: any business day from the first through the last business day of the delivery month can host a delivery. Preserve the exact month-year before joining a rulebook statement to a calendar or an account instruction.
What Platinum futures are explains the 50-ounce unit and deliverable design. How to read Platinum futures quotes helps distinguish a named contract from a continuous series or an unlabelled price.
PL termination stops current-month trading on the third last business day
No trades in current-month PL may occur after the third last business day of that month. This business-day-count rule ends the trading window while the delivery window keeps running. Contracts still open past that point face delivery, EFRP liquidation until noon the next business day, or broker action, never another ordinary trading session.
What happens when a futures contract expires sketches the general futures lifecycle, but it cannot replace the current PL calendar for a named contract.
Deliverable PL metal follows purity, piece, and certificate rules
Delivery requires 50 ounces at minimum 99.95 purity in homogeneous cast plate or ingot, within 10 percent tolerance, with no piece under 10 ounces, or else five Accumulated Certificates of Exchange evidencing fractional ownership in a standard or larger unit up to 192.904 ounces. Chapter 105 points to Chapter 7 for the broader framework, and depository plus clearing arrangements matter for an actual open position.
Cash-settled versus physically delivered futures contrasts the two settlement designs, and PL is a canonical deliverable-platinum-group example. Futures first notice and last trading day keeps generic deadline vocabulary apart from the product-specific PL window.
First business day through last business day bounds the PL handoff
Delivery may begin on the first business day of the delivery month and run through the last business day. Retain the exchange calendar, current rulebook reference, first-notice status, warrant or ACE state, and the source of each date. Do not fill a missing date with a presumed sequence, and do not assume a public exchange rule is an account-level instruction. Broker intent deadlines for receiving or delivering can sit well before the exchange window closes.
Rolls and broker cutoffs leave PL exchange rules untouched
A roll changes exposure from one named PL month to another. It does not extend the nearby contract's termination rule or widen its delivery window. A broker may set a client-facing action date earlier than an exchange process, so keep broker instructions in a separate field.
Futures contract roll mechanics covers the two dated ounce contracts inside a PL roll. Futures contract month codes helps resolve the compact PL symbol before any date is used.
This guide describes standard Platinum futures expiration and delivery mechanics. It does not state a live deadline, decide whether to roll or close, provide a delivery notice, or determine a broker's handling of a position. Current NYMEX rules, clearing procedures, calendar notices, and account documents govern a particular contract.
Common questions
When does trading in an expiring PL contract end?
No current-month trades may occur after the third last business day of that month. Holiday shifts move the count, so check the named contract's calendar.
When can PL delivery occur?
On any business day from the first business day through the last business day of the delivery month, which extends past the termination day.
What platinum is deliverable against PL?
50 ounces at minimum 99.95 purity in plate or ingot with no piece under 10 ounces inside 10 percent tolerance, or five ACE certificates evidencing larger-unit ownership.
What happens instead of taking delivery?
Open contracts can be liquidated by bona fide EFRP until noon on the business day following termination. Past that, delivery mechanics apply.
Does an exchange delivery date set my broker deadline?
Not necessarily. A broker can require intent or action well before the exchange window closes. Keep the broker's instruction separate from the exchange-level rule.