Home China Headline Platinum record likely as vehicles, China beckon

Platinum record likely as vehicles, China beckon

Platinum may rise to a record this year as automobile makers use more of the metal in diesel vehicles and Chinese demand grows, an analyst at Beijing Antaike Information Development Co said. The price of platinum for immediate delivery may reach US$1,500 an ounce, Jin Xiangyun said in an emailed report on Monday. Platinum, which reached a record US$1,402.50 an ounce on November 21, traded at US$1,233 an ounce at 11:58am in Beijing yesterday, according to Bloomberg News data. China's economy has grown by an average nine percent a year in the past decade, making car ownership affordable for more people. General Motors, Volkswagen AG and others sold 25 percent more vehicles in China last year, as sales in the country surpassed Japan's for the first time. "The market share of diesel vehicles will grow rapidly as more rigid standards for emissions are in place or are to be implemented worldwide on environmental concerns," said Jin, who has been following the industry since 2001. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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