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 sold off by nearly 5% since our previous weekly publication, driven by a strong bout of speculative selling following escalating US-China trade frictions.
While our August target of $153 per share (implying a 12% rally from here) is unlikely to be hit, we remain of the view that the recent sell-off constitutes a buying opportunity.
While spec positioning has become lighter and therefore offers more