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Surplus platinum global can rise eight times after the earthquake |
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Thursday, 26 May 2011 10:14 |
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 Surplus platinum global can rise eight times after the earthquake the worst Japan has cut production of the car, reducing the demand for the country to its lowest level in 28 years.
The supply will exceed demand by as much as possible five metric tons this year, compared with a surplus of 600 pounds a year ago, Shinya Kitaoka, head of trading at Tanaka Kikinzoku Kogyo KK, said in an interview. Lack of Palladium world can be cut by half, he said.
The wave of supply can curb the increase in the price of platinum rose 18 percent in the past year. Palladium soared 71 percent. Both metals used for pollution-control devices in cars and car manufacturers such as Toyota Motor Corp. (7203) and Honda Motor Co. reduce production after the earthquake and tsunami hit northern Japan on March 11. The country is 15 percent of world platinum demand, according to Johnson Matthey Plc.
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