HOME > Trading Guide > youkou > Palladium
Date of Listing
August 3, 1992
Type of Trade
Physically Delivered Futures Transaction
Palladium of minimum 99.95% fineness
Computerized Individual Auction
All even months within a year (On the day when a new contract month is generated, there will be 6 even months starting from the next even month after the month which the said day belongs to)
Last Trading Day
Day session on the third business day preceding the Delivery Day
First Trading Day of a New Contract Month
Night session immediately following the Last Trading Day of the current contract month.
Last Trading Day
The third business day preceding to the Delivery Day
Delivery Day and Time
Until noon of the last day of each even month except December (the 28th for December). If the day falls on an Exchange holiday or the last business day of the year, Delivery Day will be the immediately preceding business day.
Bars/ingots matching the standard, hallmarked with a trade name, among other marks, designated by the Exchange. The Acceptable Weight Range of Deliverable Goods sahll be +/-15% per contract.
Specified warehouses (warehouses located in Tokyo)
Method of Delivery
The Party Making Delivery submits to the Exchange a warehouse receipt, issued by a TOCOM-designated warehouse, for the delivery goods. The Party Taking Delivery submits to the Exchange the Delivery Value based on the delivery price.
Day Session 9:00 a.m. to 3:15 p.m. (JST)
Night Session 4:30 p.m. to 4:00 a.m. (JST)
500 g / contract (approximately 16.08 troy ounces)
3.0 kg (Delivery unit = 6 contract units)
JPY 1 per gram
Circuit Breaker Trigger Level
The CB trigger level is to be set everyday at the start of a clearing period (i.e.the start of a night session at 17:00) and is based on the settlement price of the previous clearing periond (or the settlement price of the preceding contract month, in case of a new contract month)
As SPAN Margining System started from January 4, 2011, Japan Commodity Clearing House (JCCH) will set its parameters based on historical price fluctuation.
Please see the website of Japan Commodity Clearing House (JCCH) for more details.
Customer Position Limits (separately for long and short positions)
Customers excluding commercials and investment trusts:
1st contract month (expiry month): 60 contracts
1st contract month (month before expiry month): 120 contracts
2nd contract month: 240 contracts
All contract months combined: 2,500 contracts
Commercials and investment trusts:
1st contract month (expiry month): 450 contracts
1st contract month (month before expiry month): 600 contracts
2nd contract month: 1,200 contracts
All contract months combined: 9,000 contracts
TOCOM Product Code: 14
Reuters Contract Detail: TCE/JPA
Bloomberg Ticker: JMA