The host of the world's largest market for cars imported 40 percent more platinum last year, which correlates with a fervent demand for cars, Bloomberg reports.
Shipments of the precious metal to China increased to 75.9 metric tons in 2010, according to the General Administration of Customs. This week, platinum futures scaled to their top value in 30 months after having increased 21 percent last year. The commodity is used for jewelry and tools to control pollution.
"Demand from industries such as auto and glass more than compensated for the loss in jewelry sales because of the price gain," Patrick Huang, official at Platinum Guild International, told Bloomberg.
After skyrocketing 32 percent in 2010 when selling more than 18 million vehicles, sales for cars in the county will rise as much as 15 percent this year, according to forecasts from the China Association 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.
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