By Halia Pavliva Dec. 2 (Bloomberg) -- Platinum fell in New York as U.S. auto sales plunged more than 30 percent last month because of the recession. Palladium also slipped. U.S. November sales declines ranged from 41 percent at General Motors Corp. to 31 percent at Ford Motor Co. Toyota Motor Corp. and Honda Motor Co. posted drops of 34 percent and 32 percent, respectively, as the recession deepened. Platinum, used mostly in catalytic converters for car and truck engines, is down 65 percent from a record $2,308.80 an ounce in March. “Today’s announcement that auto sales dropped 30 percent during the month of November sent platinum prices lower on concerns the industry will be producing less vehicles going into the future,” Ralph Preston, a futures analyst at Heritage West Futures Inc. in San Diego, said in an e-mailed note. Platinum futures for January delivery fell $2.60, or 0.3 percent, to $807.30 an ounce on the New York Mercantile Exchange. The price gained 6.1 percent in November, snapping a four-month slide. The most-active contract was down 47 percent this year. Ford, GM and Chrysler LLC, which hadn’t reported November sales during the platinum trading session, presented plans to Congress today in their campaign for federal funds. GM has said it may run out of cash by year-end as the recession saps demand. U.S. sales have dropped for 13 straight months compared with year-earlier results, the longest slide in 17 years. The U.S. is the world’s biggest market for cars and light trucks, which are included in the auto-sales figures. 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. Palladium is also used to make catalytic converters. Both metals also are used in jewelry. 11 Million Annual Rate New vehicles probably sold at a seasonally adjusted annual rate of 11 million last month, down 32 percent from a year earlier, based on a Bloomberg News survey of 26 analysts and economists. In October, the annual sales rate was 10.6 million. Palladium futures for March delivery fell $1.95, or 1.1 percent, to $173.70 an ounce in New York. The price dropped 2.7 percent last month, the fifth straight monthly decline. The most-active contract sank 54 percent this year. U.S. car sales are headed for the lowest annual total since 1991 as banks cut back on lending amid rising unemployment and declining consumer spending. U.S. automakers led by GM are seeking $25 billion in federal funds. European vehicle sales have also slumped. In Germany, car sales fell 18 percent last month, the government said, citing car registration figures. Truck sales plunged 22 percent. European car sales fell 15 percent in October, while heavy- truck sales also slumped as the fallout from the economic slowdown and tighter credit spread. Manufacturers sold 26,479 trucks weighing 16 metric tons or more in October, down 14 percent from 30,925 a year earlier, the Brussels-based European Automobile Manufacturers Association said on Nov. 24. To contact the reporter on this story: Halia Pavliva in New York at hpavliva@bloomberg.net.

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