NYMEX · Metals · Futures

Palladium Futures (PA)

NYMEX Palladium (PA): 100 troy ounces, physically delivered, traded nearly 24 hours a day on CME Globex.

Live PA chart on TradingView Affiliate link

COT data as of Sep 22, 2026 · Margins as of Sep 30, 2026 · Roll & expiry dates checked daily

Tick size / value: 0.50 $/oz = $50.00
Point value: $100 / $1
Active contract: PAZ26 Dec 2026
Next roll: Nov 24 in 56 days
Globex right now: Checking…

Contract specifications

Exchange: New York Mercantile Exchange (NYMEX, CME Group)
Underlying: Palladium (min. 99.95% purity)
Contract unit: 100 troy ounces
Minimum tick: $0.50 per troy ounce = $50.00 per contract
Point value: $100.00 per $1.00 per troy ounce · 2 ticks per $1
Price quotation: U.S. dollars and cents per troy ounce
Contract months: March, June, September, December (H, M, U, Z)
Settlement: Physical delivery
Final settlement: Delivery of palladium from NYMEX-approved depositories
Termination of trading: Trading terminates on the third last business day of the contract month
Globex code: PA

Source: CME Group contract specifications · reviewed Sep 30, 2026

Roll dates, first notice & expiration

Contract	Roll date	First notice	Last trading day	Days left
PAZ26 Dec 2026 Active	Tue, Nov 24, 2026	Mon, Nov 30, 2026	Tue, Dec 29, 2026	91
PAH27 Mar 2027	Tue, Feb 23, 2027	Fri, Feb 26, 2027	Mon, Mar 29, 2027	181
PAM27 Jun 2027	Tue, May 25, 2027	Fri, May 28, 2027	Mon, Jun 28, 2027	272
PAU27 Sep 2027	Thu, Aug 26, 2027	Tue, Aug 31, 2027	Tue, Sep 28, 2027	364
PAZ27 Dec 2027	Wed, Nov 24, 2027	Tue, Nov 30, 2027	Wed, Dec 29, 2027	456
PAH28 Mar 2028	Thu, Feb 24, 2028	Tue, Feb 29, 2028	Wed, Mar 29, 2028	547

Roll. The date shown is three business days before first notice, when speculators roll to the next active month.

First notice day. Last business day of the month before the contract month. Longs can be assigned delivery from here on – brokers usually require longs to be closed or rolled before this date.

Last trading day. Third last business day of the contract month.

US exchange holidays ahead: Nov 26 · Dec 25 · Jan 1 · Jan 18 · Feb 15 · Mar 26 · May 31 · Jun 18

Learn more: Futures roll dates explained · First notice day vs. last trading day

Calculated from exchange rules and the US exchange holiday calendar. Confirm with the CME Group expiration calendar.

Trading hours (ET / CT)

Session	Eastern (ET)	Central (CT)	Your time
CME Globex (electronic)	Sun–Fri 6:00 p.m. – 5:00 p.m.	Sun–Fri 5:00 p.m. – 4:00 p.m.	–
Daily maintenance break	Mon–Thu 5:00 – 6:00 p.m.	Mon–Thu 4:00 – 5:00 p.m.	–

Holiday hours differ – check the exchange holiday calendar before trading around US holidays. ET is New York time, CT is Chicago time (always one hour behind ET).

Margins

CME Group maintenance margin per contract, outright position · as of Sep 30, 2026
Contract	Maintenance
PAZ26 Dec 2026 Active	$12,230
PAH27 Mar 2027	$12,390
PAM27 Jun 2027	$12,541
PAU27 Sep 2027	$12,692

Exchange margins are the minimum your clearing firm must collect for positions held overnight. Brokers may require more – and usually offer much lower day-trading margins for positions closed before the session ends. A neutral broker day-margin comparison is coming soon.

Learn more: Futures margin explained

COT positioning

CFTC Disaggregated Report, futures only · positions as of Tue, Sep 22, 2026 · released Sep 25, 2026

Producers / Merchants

−669 net contracts

−14 vs. prior week · −4.0% of OI

COT Index 26 wk 42

COT Index 3 yr 41

Movement (6 wk): −6

Producers, merchants, processors and users hedging physical business – the classic commercials. They tend to buy weakness and sell strength.

Swap Dealers

+3,900 net contracts

+167 vs. prior week · +23.3% of OI

COT Index 26 wk 91

COT Index 3 yr 37

Movement (6 wk): +4

Swap dealers – banks hedging OTC swaps, including commodity index money. Often structurally positioned; read against their own range, not the sign.

Managed Money

−6,006 net contracts

−318 vs. prior week · −35.9% of OI

COT Index 26 wk 13

COT Index 3 yr 59

Movement (6 wk): −6

Managed money – CTAs, commodity pools and hedge funds. Trend followers; their positioning tends to peak near turning points.

Net positions, last 3 years contracts, long minus short

Producers / MerchantsSwap DealersManaged Money

COT Index, 3-year window 0 = most net short in 3 years, 100 = most net long · shaded: extreme zones

Producers / MerchantsManaged Money

Disaggregated Report · open interest 16,730 (+23 w/w)
Group	Long	Short	Net	Δ 1 wk	Δ 4 wk	Index 26 wk	Index 3 yr	Move 6 wk
Producers / Merchants	891	1,560	−669	−14	−246	42	41	−6
Swap Dealers	6,179	2,279	+3,900	+167	−258	91	37	+4
Managed Money	4,028	10,034	−6,006	−318	−507	13	59	−6
Other Reportables	1,911	438	+1,473	−65	+798	85	62	+8
Nonreportables	2,725	1,423	+1,302	+230	+213	100	64	+27

Legacy Report · open interest 16,730 (+23 w/w) · WILLCO (26 wk, commercials vs. OI): 76
Group	Long	Short	Net	Δ 1 wk	Δ 4 wk	Index 26 wk	Index 3 yr	Move 6 wk
Commercials	7,156	3,925	+3,231	+153	−504	69	37	−1
Non-Commercials	5,939	10,472	−4,533	−383	+291	12	62	−4
Nonreportables (small)	2,725	1,423	+1,302	+230	+213	100	64	+27

Weekly net positions, last 12 reports (Disaggregated Report)

Report date	Producers / Merchants	Swap Dealers	Managed Money	Other Reportables	Nonreportables	Open interest
Sep 22, 2026	−669	+3,900	−6,006	+1,473	+1,302	16,730
Sep 15, 2026	−655	+3,733	−5,688	+1,538	+1,072	16,707
Sep 8, 2026	−437	+3,269	−4,339	+627	+880	16,773
Sep 1, 2026	−263	+3,576	−4,619	+314	+992	16,497
Aug 25, 2026	−423	+4,158	−5,499	+675	+1,089	17,496
Aug 18, 2026	−236	+3,834	−5,317	+919	+800	18,366
Aug 11, 2026	−183	+3,558	−4,947	+1,031	+541	18,194
Aug 4, 2026	+102	+3,716	−5,458	+1,123	+517	18,574
Jul 28, 2026	+632	+3,782	−6,173	+1,406	+353	18,699
Jul 21, 2026	+775	+3,926	−6,617	+1,614	+302	18,440
Jul 14, 2026	+597	+3,819	−6,227	+1,338	+473	18,578
Jul 7, 2026	+509	+3,652	−6,381	+1,723	+497	17,854

Learn more: How to read the COT report · COT overview of all contracts

How to read these numbers

Net position = long minus short contracts (spread positions excluded).
COT Index = where today's net position sits within its range over the window: 100 × (net − min) / (max − min). It is a stochastic, not a percentile. Readings above 80 or below 20 are commonly treated as positioning extremes (after Stephen Briese and Larry Williams).
Movement Index = change of the 3-year COT Index over 6 weeks. Moves of ±40 points mark unusually fast repositioning.
WILLCO (Legacy report) = COT Index of commercials' net position as a share of open interest, 26-week window.
Positions are as of Tuesday and released Friday at 3:30 p.m. ET. COT data shows positioning, not timing – it is context, not a trading signal. Open-interest-based indicators are left out for stock index futures because quarterly expirations distort open interest.

Source: CFTC Public Reporting Environment · contract market code 075651 (PALLADIUM - NEW YORK MERCANTILE EXCHANGE)

PA profit & loss calculator

Learn more: Tick value and point value explained

Before commissions and exchange fees. Prices round to the nearest tick of 0.50.

FAQ

What is the tick value of palladium futures (PA)?

One tick is $0.50 per troy ounce, worth $50.00 per contract. A $1.00 move is worth $100.

What does the COT Index show?

The COT Index places a group's current net position within its own range over a lookback window: 100 = the most net long in that window, 0 = the most net short. It measures positioning extremes, not timing.