The host of the world's largest market for cars imported 40 percentmore platinum last year, which correlates with a fervent demand forcars, Bloomberg reports.
Shipmentsof the precious metal to China increased to 75.9 metric tons in 2010,according to the General Administration of Customs. This week, platinum futuresscaled to their top value in 30 months after having increased 21percent last year. The commodity is used for jewelry and tools tocontrol pollution.
"Demand from industries such as auto and glassmore than compensated for the loss in jewelry sales because of the pricegain," Patrick Huang, official at Platinum Guild International, toldBloomberg.
After skyrocketing 32 percent in 2010 when selling morethan 18 million vehicles, sales for cars in the county will rise asmuch as 15 percent this year, according to forecasts from the ChinaAssociation of Automobile Manufacturers.
About three-quarters of diesel contraptions use the precious metal.
At 10:30 a.m., platinum futures for January delivery slipped 0.4 percent to $1,813.30 per troy ounce.
https://www.danielstrading.com/resources/news/Futures-Market-News/Platinum-imports-to-China-grew-with-car-purchases-in-2010_800357418/