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Investing.com -- China, the world’s largest consumer of platinum, imported its highest amount of the precious metal in a year last month.
The relative stability of platinum has increased its appeal in comparison to the more volatile and surging gold market. In April, imports of platinum into China reached 11.5 tons, according to data released on Tuesday.
Global demand for platinum, a metal widely used in catalytic converters and laboratory equipment, is predicted to surpass supply for the remainder of the decade, as per Bloomberg Intelligence analysts.
The surge in Chinese demand for platinum is a recent development. In the year leading up to April 30, the country’s total platinum imports actually decreased by 31% compared to the preceding 12 months.
However, in the first quarter, demand for bars and coins in China more than doubled, making China the largest market for platinum retail investment, surpassing North America, according to data from the World Platinum Investment Council (WPIC).
This rising demand could potentially further reduce the already dwindling above-ground stocks of platinum. The platinum market was already tightening due to the anticipation that the slow adoption rate of electric vehicles will prolong the lifespan of diesel cars. This, in turn, will continue the demand for platinum in catalytic converters.
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