American platinum jewellery demand surged by 64% YoY
Global platinum jewellery demand contracted 5% YoY During Q3’21 platinum demand struggled to maintain the momentum of the first half, as the increasing shortage of key components (including semi-conductors), together with constraints on some raw materials, saw dramatic downwards revisions in the automotive market. In addition, at times during the quarter the optimistic market tone subdued as the rise in Covid-19 cases prompted localised restrictions, serving as a reminder that economies remain fragile in this post-peak-pandemic era. The negative impact on investor sentiment due to lower autocatalyst demand, was compounded by contagion concerns following news that Ever Grande might default on its debt obligations, as well as by growing expectations that interest rates would rise earlier than previously expected, to offset rising inflation. Changing forward market conditions, meanwhile, encouraged outflows of platinum from NYMEX depositories. All these factors resulted