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PL platinum futures explained: what moves platinum

Platinum sits next to gold in the jewellery shop, but most of it ends up inside cars and factories. That double life makes it behave like neither gold nor copper.

Market guide · 5-minute read · Updated 2026-10-21

At a glance

Specs checked Oct 2026. Check cmegroup.com for current specs before you trade.

How the price works

A $10 move in platinum is 100 ticks × $5 = $500 per contract. Platinum often moves $10 or more in a day, so size from your stop, not from the tick.

What moves it

Cars. A big share of platinum goes into catalytic converters, which clean exhaust fumes, especially in diesel engines. Car sales, the mix of diesel, petrol and hybrid cars, and the shift to electric cars (which don't need catalysts) all matter.

South Africa. Most of the world's mined platinum comes from South Africa, with Russia and Zimbabwe also important. Power cuts, strikes or mine problems there can tighten supply fast.

Industry and jewellery. Glass, chemicals, oil refining and jewellery use platinum too. Jewellery demand in China matters.

Gold. Platinum is also a precious metal. On big gold days it often moves the same way, just less predictably. See gold futures.

The dollar. It's priced in dollars, so a strong dollar tends to weigh on it.

When it's busiest

CME sets hours in Chicago time, which changes clocks with New York.

• Evenings ET: Asian trading. Thinner.
• About 3 am ET: London's precious metals market adds volume.
• 8:30 am ET: US data.
• Morning to about 1 pm ET: the main session.

Its personality

• Thin. Platinum trades far less than gold. Fewer traders means wider gaps between prices and sharper jumps.
• Big swings. Moves of several percent in a day aren't rare.
• Long ranges, sudden breaks. It can sit in a band for a long time, then break out on supply news.
• Delivered contract. The main months are January, April, July and October. Most traders roll before delivery. See Contract rollover.

Reading it with our method

1. Weekly and daily charts first. Mark the last places price turned around. Platinum's range edges are often clearer there.
2. Range or trend? If it keeps turning at the same levels, treat it as a range. If it makes higher highs and higher lows, it's a trend.
3. Body-close rule. Thin markets make lots of false pokes. Only a candle body closing past a level counts.
4. Stop first, size second. Example: a $15 stop is 150 ticks × $5 = $750 of risk on one contract. If your plan allows $200, one PL is too big. A math example, not a promise.

The futures tick value calculator does this for any contract.

Common mistakes

• Treating it like gold. Platinum leans industrial. It can fall on growth fears even when gold rises.
• Trading the quiet hours. Thin evenings mean wide spreads.
• Ignoring South African news. Mine or power problems there move platinum more than most US reports.
• Holding into delivery. Roll before the delivery period, or your broker may close you out.

Questions