By Jae Hur Nov. 18 (Bloomberg) -- Platinum futures in Tokyo declined, tracking an overnight drop in overseas markets, as a slump in global equities and gains in the dollar reduced the appeal of the precious metal used in auto exhaust filters. Asian stocks fell as much as 1.6 percent after U.S. stocks extended two weeks of declines following plans by Citigroup Inc. to cut more than 50,000 jobs, and manufacturing in New York state contracted at the fastest pace ever. Johnson Matthey Plc, a London-based metals refiner, trader and researcher, is to issue its semiannual market report today. ``We may see a bearish report from Johnson Matthey'' because of declining demand for jewelry and catalytic converters used to reduce pollution from car tailpipes, Tatsuo Kageyama, an analyst at Kanetsu Asset Management Co., said in Tokyo. Platinum for October delivery fell as much as 4.7 percent to 2,505 yen a gram ($805 an ounce) on the Tokyo Commodity Exchange and was at 2,540 yen at the 11 a.m. local time break. Immediate- delivery platinum was up 0.9 percent to $821.50 an ounce. Spot prices have slumped 46 percent this year as sales at carmakers, the biggest users of the metal, plummeted following rising unemployment and tighter consumer lending. Immediate- delivery palladium was down 1 percent at $216.25 an ounce. Nissan Motor Co., Japan's third-largest automaker, said Nov. 14 that it will introduce a catalyst that uses less platinum in its Cube model from tomorrow. Nissan said it will cut its domestic output by an additional 72,000 units by March. The company on Oct. 31 said it will lower global production by more than 200,000 vehicles by March 31. U.S. auto sales plummeted 32 percent in October to the lowest monthly total since January 1991, led by General Motors Corp.'s 45 percent slide. Ford Motor Co. reported a 30 percent drop in car and light-truck sales from a year earlier and Toyota Motor Corp.'s declined 23 percent. Automakers account for more than 60 percent of global platinum consumption, according to estimates by Johnson Matthey. To contact the reporter on this story: Jae Hur in Singapore at jhur1@bloomberg.net

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