Platinum Physical Market Brief – September 22, 2026

Executive summary

• Delivery Activity: NYMEX Platinum (PL) recorded 18 delivery notices issued and stopped today for the September 2026 contract, lifting month-to-date (MTD) deliveries to 41 contracts.
• Price Trend: The September 2026 contract settled at $1,822.60/oz, continuing a slight downward drift from late August levels ($1,847.60 on August 28 and $1,887.30 on August 21).
• Positioning Alignment: Managed Money holds a net long posture (+8,972 contracts) against heavy commercial short hedging, while physical delivery volumes remain moderate relative to overall open interest.

Delivery intentions (today + MTD context)

• Daily Delivery Intentions:
  • Issued / Stopped: 18 contracts (settlement price: $1,822.60 USD).
  • Contract Month: September 2026 Platinum Futures (NYMEX).
  • Intent Date: September 22, 2026 (Delivery Date: September 24, 2026).
• Month-to-Date (MTD) Context:
  • Total deliveries for the September 2026 contract now stand at 41 contracts.
• Prior Trend Comparison:
  • August 28, 2026 (September Contract): 23 contracts issued and stopped at a settlement price of $1,847.60 USD (MTD: 23 contracts).
  • August 21, 2026 (August Contract): 66 contracts issued and stopped at a settlement price of $1,887.30 USD (MTD: 106 contracts).
  • Delivery volume in the active September cycle has progressed at a slower pace compared to the tail-end volume observed during the August cycle.

Warehouse stocks

CME/NYMEX does not publish warehouse stocks for Platinum in this reporting series (data is null).

COT cross-check

• CFTC Positioning (as of September 18, 2026):
  • Managed Money: 17,704 long vs. 8,732 short (Net Speculative Position: +8,972 contracts long).
  • Producer/Merchant: 2,832 long vs. 14,801 short (Net Commercial Position: -11,969 contracts short).
  • Total Open Interest: 65,478 contracts.
• Physical vs. Paper Flow: Managed Money maintains a solid net-long stance, reflecting constructive speculative sentiment. However, the physical delivery pipeline shows subdued uptake (41 contracts MTD), suggesting that the bulk of speculative open interest is rolling rather than taking physical delivery.

Risks and watchpoints

• Contract Expiration Liquidation: Watch for any late surge in physical delivery intentions as the September 2026 contract moves toward final settlement.
• Price Deterioration: Settlement prices have declined from $1,887.30 in late August to $1,822.60; monitor whether further price weakness prompts speculative long liquidation.
• Commercial Coverage: Commercial short exposure remains high at 14,801 contracts, making changes in producer hedging activity a key indicator for forward physical supply expectations.