HSBC: Chinese Platinum Demand High; Japanese Palladium Bar Gains 4.2%

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HSBC has some positive things to say recently about Chinese demand for platinum group metals: “Chinese demand for platinum group metals remains robust, as reflected by the country’s trade data this week, says HSBC. Net platinum inflows were at a 30-month high and net palladium inflows at an eight-month high in September, the bank says,” (Kitco).

“China’s net imports of platinum increased by 11.12% for a total of 69.98t over the first three quarters of this year, from 62.97t for the same period last year,” HSBC says. “China’s net imports of palladium fell by 5.21%, for a total of 15.50t over the first three quarters of this year, from 16.35t for the same period last year. The drop in platinum price in September to USD1,400/oz at the end of the month from the high of USD1,540/oz near the start of the month may have encouraged greater physical platinum demand, and is therefore price supportive, in our view.”

Japanese palladium bar rose 4.2 percent to finish as the day’s biggest mover. Chinese palladium bar prices rose 1.2 percent. After a 0.1 percent increase, US palladium bar finished the day.

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Japanese platinum bar finished the day up 2.5 percent. Chinese platinum bar saw its price rise 0.3 percent. US platinum bar gained 0.1 percent to finish.

Japanese gold bullion prices inched up 2.6 percent. Indian gold bullion gained 1.6 percent to finish. The price of US gold bullion declined 0.2 percent, after two days of improvement. Chinese gold bullion prices saw a 0.1 percent decline.

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Indian silver prices rose 2.3 percent. The price of Chinese silver increased 0.8 percent. Japanese silver finished the day up 0.6 percent. US silver saw its price rise 0.3 percent.