SHANGHAI (Scrap Register): Weak Chinese auto sales apparently played a role in platinum and palladium weakness last month, said Commerzbank.
Analysts cited a data from the China Association of Automobile Manufacturers showing that sales declined by 4.6% year-on-year to 1.79 million cars. This came after a fall of 5.3% in July.
The association’s general secretary was quoted as saying that the Chinese have become more cautious about making large purchases due to a slowing economy.
The trade dispute with the U.S. has also been weighing on consumer sentiment.
The weak car sales presumably played a part in platinum and palladium prices falling for a time to multi-year and multi-month lows, respectively, in August, Commerzbank added.
