Lower Chinese imports of palladium and platinum are weighing on prices of the precious metals, highlighting weakness in commodities expected to benefit from the country’s shift towards higher consumption.
中国对钯和铂的进口下降，给这两种贵金属的价格带来了压力，突显出本来有望受益于中国向更高消费转变的大宗商品的弱势。

China’s net imports of platinum fell 56 per cent to 2.8 tonnes in February, the lowest level since 2009 according to HSBC. Palladium fared little better, with imports down 54 per cent.
根据汇丰(HSBC)的数据，中国2月份铂净进口量下跌56%，至2.8吨，为2009年以来的最低水平。钯的状况也不佳，进口量下跌了54%。
Demand for platinum jewellery in China fell by 1.3 per cent last year and did not recover before the Chinese new year. The metal is popular for wedding rings and China consumed over 60 per cent of the world’s platinum jewellery last year, more than the US, western Europe, Japan, India and the rest of the world combined, according to the World Platinum Investment Council.
中国对铂金珠宝的需求去年下跌了1.3%，在今年春节前夕也未见起色。铂金婚戒非常流行，根据全球铂金投资委员会(World Platinum Investment Council)的统计，去年中国消费了全世界60%以上的铂金珠宝，超过了美国、西欧、日本、印度和世界其他地方的总和。
The price of platinum fell to a five-year low of $1,087 a troy ounce in March and is now trading at $1,140; palladium is down 4 per cent this year to $765.5.
3月，铂价一度跌至5年来的低点，至每盎司1087美元，当前的交易价为每盎司1140美元；钯价今年迄今下跌了4%，目前为每盎司765.5美元。
While the import drop can be explained by the Chinese new year holiday, Macquarie estimates that January and February imports for platinum were the lowest in any two-month period since October 2010. Aggregating the two months for palladium shows they were down 38 per cent, said the bank.
虽然进口量下跌可以通过春节来解释，但麦格理(Macquarie)估计，今年1、2月的铂进口量是2010年10月以来任何两个月期间最低的。该银行表示，这两个月铂进口量总计下降了38%。
For palladium, the drop comes despite growth in gasoline car sales that require catalysts using the metal. The Chinese car fleet is also newer than in developed markets, meaning less supply of recycled palladium from older catalysts.
至于钯，尽管需要使用这种金属为催化剂的汽油车销量上升，尽管中国保有的汽车比发达市场更新意味着，从旧车的汽车催化剂回收的钯的供应量较少，但其进口量依然下降。
A doubling of the number of cars on China’s roads over the next five years is expected to underpin palladium demand along with tightening emissions standards, according to Barclays.
根据巴克莱(Barclays)的预测，未来5年期间中国的汽车数量将会翻番，加上排放标准收紧，预计这些因素将支撑对钯的需求。
China’s car sales rose in the first two months of the year, with deliveries of passenger cars for the retail market increasing by 16 per cent to 3.49m units in January and February, according to the China Passenger Car Association.
今年头两个月中国汽车销量上升。根据全国乘用车市场信息联席会(China Passenger Car Association)的数据，1月和2月零售市场的乘用车交付量上升了16%，至349万辆。
“For palladium the low import figure is also concerning, reinforcing the confusing trend for Chinese palladium imports to fail to respond to (much more positive) trends in Chinese car production,” Macquarie said.
“钯的进口数据走低也令人担忧，这使中国钯进口趋势未能响应中国汽车生产（积极得多）的趋势更加令人困惑，”麦格理表示。
One theory according to analysts is that Russian supply of palladium in different forms is going to China. The country’s Norilsk Nickel is the world’s largest palladium producer, and prices for palladium rose last year amid fears over the situation with Ukraine and Russian sanctions.
分析师们给出的一种解释是，俄罗斯以不同形式供应的钯流入了中国。俄罗斯的诺里尔斯克镍业公司(Norilsk Nickel)是世界最大的钯生产商，去年因市场担忧乌克兰局势和俄罗斯遭制裁，钯价一度上升。