China demand for platinum to remain strong
SHANGHAI (Sept 26) Low platinum prices have lured buyers from China to acquire the metal for the jewelry sector.
Low platinum prices have lured buyers from China to acquire the metal for the jewelry sector, Barclays said Monday. The jewelry sector in Asia is a major end-user of platinum.
Total platinum imports from January-August are 7% higher than the same year-ago period.
If platinum shipments into Hong Kong are included, year-to-date imports were even higher, up 9% over the same period in 2012
"Platinum continues to outshine its peers this year as palatable prices provide support to platinum jewelry demand," Barclays precious metals Suki Cooper said in a report.
Platinum volume traded on the Shanghai Gold Exchange, which predominantly reflects consumption by the jewelry industry, was up 33% year over year in August, similar to July volumes.
Strikingly, September volumes to date have averaged nearly twice those September 2012, and are more than double month over month.
The platinum price was last traded at $1,426.50 an ounce, down from $1,480 an ounce in earlier this month.