"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.
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 -- but September volumes to date have averaged nearly twice those September 2012, and are more than double month over month, Cooper said.
While local prices peaked near Yuan 320/g in August, they have since fallen back below the Yuan 300/g ($52.28/g) level, "triggering high volumes in September as demand remains price responsive thus supporting prices on the downside -- a trend we expect to continue," Cooper said.
