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Record demand for platinum in 2009
By Zhang Fengming |
May 18, 2010, Tuesday
|
Online Edition
Online Edition
DEMAND for platinum jewelry demand hit a record in 2009 on China's rising economy, but strong sales are unlikely to be repeated this year, according to the latest industry report.
Jewelers' demand for the white metal rose to 2.08 million ounces in 2009, almost doubling from 1.06 million ounces a year ago, Britain's Johnson Matthey, a chemical company and conglomerate, said today.
"Strong consumer demand, healthy manufacturing output and stock-building of raw materials and finished pieces all contributed to a record performance by the Chinese platinum jewelry market in 2009," said Johnson Matthey.
"But it's unrealistic to expect another year of such strong demand in 2010," Johnson Matthey said.
Platinum has gained 17 percent in price this year, trading around US$1,700 an ounce.
Rising investment demand may help push the white metal back to US$2,000 an ounce within six months, Johnson Matthey said.
"Recent higher bullion prices have started to impact upon the affordability of platinum jewelry and there have been some early signs of inventory reductions in the first half of 2010, suggesting that while demand may be strong by historical standards, it is unlikely to reach the heights of 2009 this year."
Platinum prices hit a record of US$2,250 an ounce in early 2008 and fluctuated around US$2,000 until July 2009, dipping to US$1,450 in late 2009.
Lower retail prices last year released a surge of pent-up demand.
Jewelers' demand for the white metal rose to 2.08 million ounces in 2009, almost doubling from 1.06 million ounces a year ago, Britain's Johnson Matthey, a chemical company and conglomerate, said today.
"Strong consumer demand, healthy manufacturing output and stock-building of raw materials and finished pieces all contributed to a record performance by the Chinese platinum jewelry market in 2009," said Johnson Matthey.
"But it's unrealistic to expect another year of such strong demand in 2010," Johnson Matthey said.
Platinum has gained 17 percent in price this year, trading around US$1,700 an ounce.
Rising investment demand may help push the white metal back to US$2,000 an ounce within six months, Johnson Matthey said.
"Recent higher bullion prices have started to impact upon the affordability of platinum jewelry and there have been some early signs of inventory reductions in the first half of 2010, suggesting that while demand may be strong by historical standards, it is unlikely to reach the heights of 2009 this year."
Platinum prices hit a record of US$2,250 an ounce in early 2008 and fluctuated around US$2,000 until July 2009, dipping to US$1,450 in late 2009.
Lower retail prices last year released a surge of pent-up demand.
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