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 has traded sideways since the start of June, reflecting weak fundamentals as a result of the contraction in the global automotive sector.
However, early signs of recovery are emerging. We think that a rebound in auto sales could occur in the second half of the year, although it is very likely that global vehicle sales will contract in the whole of 2020.
Given that automotive demand for