Still, the metal has been trading in a bear market since October. Some investors soured on platinum, used in catalytic converters that help limit pollution from diesel vehicles.
Automakers are introducing more electric cars, and diesel has been losing popularity in the wake of Volkswagen AG’s emissions-cheating scandal.
In Europe, the largest user of the metal in cars, automotive-sales growth cooled in February as political uncertainty clouds the area’s economic outlook.
China Demand
Bulls are looking for economic momentum in China to help underpin demand at a time when mine production is declining. Retail sales in the Asian nation climbed 9.5 percent in the first two months of the year, while industrial output advanced 6.3 percent, according to National Bureau of Statistics data showed in early March. The country is the biggest consumer of platinum used in making jewelry and electronics, and in refining petroleum, according to CPM Group.
Last week, about $9.2 million went into ETFS Physical Platinum Shares, the biggest inflow into since Feb. 17. Money piled into the largest U.S.-listed ETF backed by the metal as platinum prices climbed 2.6 percent, the most in more than two months.
This article was provided by Bloomberg News.