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 of late, reflecting a horizontal consolidation in the PGM space.
Palladium's fundamentals are less tight than expected due to the COVID-19 shock, which is reflected in the weak price action.
Interestingly, speculators and ETF investors have expressed renewed buying interest for palladium since late June, which could be viewed as a positive shift in sentiment.
Although the global automotive sector is in a precarious state, a