(Adds contract launch, quotes)
MUMBAI, April 17 (Reuters) – India’s platinum imports may
rise 47 percent this year to 20-22 tonnes, Anjani Sinha,
director of the Indian Bullion Market Association, said at the
launch of a new spot contract on Tuesday, reflecting increased
investor confidence in the metal.
India imported 15 tonnes of platinum in 2011 – just under 8
percent of total global supply – with about half going into
producing catalytic converters for cars and the balance into
jewellery making, investment and industrial applications.
India’s appetite for platinum has been steadily increasing
of late partly as an increasingly wealthy middle class emerges
and looks to the white metal for jewellery.
Its attraction as an investment has taken a hit after its
prices fell below that of gold. On Tuesday, spot platinum
was at over $80 discount to gold at around $1,572 per
ounce.
India’s National Spot Exchange Ltd (NSEL) launched a spot
platinum contract on Tuesday, which will be available in as low
denomination as 1 gram.
The NSEL, which also trades gold, silver and other base
metals, also launched a 100 gram contract aimed at jewellers.
“The option of physical delivery in coins or bars form in
multiple locations makes the product all the more attractive
apart from benefits like no storage issues,” said Sinha, who
also heads the NSEL.
(Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil)
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