Vehicle makers may defy rallies in platinum prices and begin replenishing stocks as the second quarter rolls on.

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The precious metal is a key component in catalytic converters.


Supply concerns stemming from a labour dispute in South Africa lifted cash platinum to a two-week high of $US1,301 an ounce last week and the benchmark contract on the Tokyo Commodity Exchange to a new record high of 5,117 yen ($41.43) a gram on Monday, Reuters reported.


“We’re seeing tough resistance around $1,300, but there is no doubt about the current bullishness in Tokyo prices, especially after they broke through a new record high of above 5,100 yen,” Shuji Sugata, manager at Mitsubishi Corp Futures and Securities, told the news agency.


Spot platinum was quoted around $1,286 an ounce on Tuesday, higher than late New York levels but off last week’s highs, Reuters said.

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Dealers expected auto makers in Japan and other parts of Asia to replenish stocks, though there was a lack of activity in China, the world’s largest consumer of platinum jewellery, the news agency added.


“End-users of platinum will be reluctant to buy heavily at current levels, but they have to buy even at a high cost because demand is there,” a dealer told Reuters, adding that industrial buying tends to grow around the start of each quarter.


The news agency noted that platimum hit a record high of $1,395 last November on speculation the launch of exchange traded funds backed by physical platinum would lure a broader range of investors to the metal.


Johnson Matthey was quoted in May as saying that platinum may set a new record high of $1,400 an ounce over the next six months, buoyed by interest in ETFs, limited stocks and fund buying.