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).
Although PALL has come under some pressure this week (-1%), it remains up 1% so far in July. The latest auto sales in the US and China continued to deteriorate in June, but automotive demand could remain resilient due to an increase in palladium loading in catalyst systems due to stricter emissions legislation.
While palladium's spec positioning has lightened slightly over the past week, ETF holdings have continued to drop,