Nov. 20 (Bloomberg) -- Platinum dropped for a second day to a one-week low on investors' concern that a global economic slowdown will cut demand for the metal used in jewelry and autocatalysts.

Japan's exports declined the most in six years in October, with automobile shipments down 15 percent, according to data today from the Finance Ministry. Asian stocks fell, extending a global rout, as U.S. consumer prices dropped by a record.

``Declining stocks markets have greatly undermined platinum and industrial metals, which were already hit hard by production cutbacks by major automakers,'' said Hiroaki Hama, an analyst at Mizuho Corporate Bank Ltd. in Tokyo.

Immediate-delivery platinum lost as much as 3 percent to $793.50 an ounce, the lowest since Nov. 13, and was at $802 at 5:28 p.m. Tokyo time, extending yesterday's 2.2 percent drop. Palladium for immediate delivery gained 4.9 percent to $192.50 an ounce after losing 15.6 percent yesterday.

Nissan Motor Co. has said that second-half profit will fall to ``zero'' as a recession pushes U.S. vehicle sales to the lowest annual tally in 15 years. Toyota Motor Corp. is deepening production cuts.

Spot platinum prices have slumped 47 percent this year as sales at automakers, the biggest users of the metal, plummeted amid rising unemployment and tighter consumer lending. Platinum reached a record $2,301.50 an ounce in March.

Automakers account for more than 60 percent of global platinum consumption, according to estimates by Johnson Matthey Plc, a London-based metals refiner, trader and researcher.

The MSCI Asia Pacific Index lost as much as 5.2 percent to 75.08, dropping for a fourth day. The UBS Bloomberg Constant Maturity Commodity Index fell 1.1 percent to 900.86, the lowest since Sept. 26, 2003, as the global recession eroded demand for energy, metals and grains.

October-delivery platinum fell 7.3 percent to close at 2,447 yen a gram ($799 an ounce) after trading as low as 2,405 yen on the Tokyo Commodity Exchange.

To contact the reporter on this story: Jae Hur in Singapore at jhur1@bloomberg.net

Last Updated: November 20, 2008 03:55 EST