Platinum Futures in Tokyo Climb to Record on Vehicle Demand
By Dave McCombs
Nov. 1 (Bloomberg) -- Platinum futures in Tokyo surged to a record amid expectations demand for cars that pollute less will drive up use of the metal in vehicle emission filters.
Toyota Motor Corp. and rivals are showcasing dozens of hybrid, hydrogen, electric, diesel and biofuel autos at the Tokyo Motor Show this week. Automobile anti-pollution devices accounted for 62 percent of global demand for the metal last year, according to London-based metals trader Johnson Matthey Plc.
``Global vehicle production and the demand for platinum in auto catalysts remains robust,'' James Steel, an analyst at HSBC Securities in New York, said in a note to clients dated yesterday. ``Further price gains in platinum are likely.''
Platinum for October delivery added as much as 98 yen, or 1.9 percent, to a record 5,296 yen a gram ($1,427 an ounce) on the Tokyo Commodity Exchange. The most-active contract traded at 5,262 yen a gram as of 10:38 a.m. in Tokyo.
Metal for immediate delivery added 0.4 percent from New York yesterday to $1,453.50 an ounce. Palladium, also used in emission filters for cars, gained 0.6 percent to $372.25 an ounce.
To contact the reporter for this story: Dave McCombs in Tokyo at [email protected] .
Last Updated: October 31, 2007 21:59 EDT
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