Palladium Weekly: Deficit likely to persist despite falling auto sales
Introduction
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 has edged modestly higher since our previous weekly publication, in line with our constructive expectations.
But so far this month, PALL has been broadly unchanged, undermined by some speculative profit-taking and steady ETF outflows, despite a positive price seasonality.
While our fundamental work suggests that the palladium market should be in deficit this year (even if the