China’s Jewelry Sector Upped Platinum Purchases in August

Platts reported that according to Barclays plc (LSE:BARC), low platinum prices prompted China’s jewelry sector to purchase more of the metal in August.

As quoted in the market news:

‘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.

Though Chinese platinum imports in August of 237,000 oz were 7% less than the same year-ago period and 17% lower than July, they still remain high, Cooper said. Moreover, total platinum imports from January-August are 7% higher than the same year-ago period, according to the data.

Including platinum shipments into Hong Kong, year-to-date imports were even higher, up 9% over the same period in 2012, Cooper added.

Click here to read the full Platts report.