Thesis
Welcome to Orchid's Palladium Weekly report, in which we discuss palladium prices through the lenses of the Aberdeen Standard Physical Palladium Shares ETF (PALL).
PALL is under slight pressure since the start of February (-2%), after a massive rally of 27% last month.
We expect PALL to remain in a firm uptrend in the course of February, despite the bout of speculative and ETF liquidation.
Although the coronavirus outbreak could undermine automotive demand for palladium in China this year, the refined palladium market is likely to post a meaningful deficit in 2020,