Palladium and Platinum are on the roll – TDS

Commodity Trading Advisors (CTAs) are back on the bid in PGMs, as the recovery in prices catalyzes buying programs in both Platinum and Palladium, TD Securities Senior Commodity Strategist Daniel Ghali suggests.

The odds of a leg higher in Palladium rise

“Has the short-squeeze in Palladium run its course? Our advanced positioning analytics suggest CTAs are back on the bid in PGMs, as the recovery in prices catalyzes buying programs in both Platinum and Palladium, raising the odds of a renewed leg higher in Palladium prices.”

“Our simulations of 500 scenarios for future prices over the next week suggest that CTAs could cover their entire short book in Palladium in an uptape. The squeeze on systematic Palladium shorts may still have some room to run.”

Jul 17, 2024

United States EIA Crude Oil Stocks Change came in at -4.87M below forecasts (0.8M) in July 12

Fed's Barkin: Will debate at July meeting whether still appropriate to describe inflation as elevated

Richmond Federal Reserve President Thomas Barkin said on Wednesday that he is sure policymakers will debate at the July policy meeting whether it is still appropriate to describe inflation as elevated, per Reuters Key takeaways "Looking for low inflation to sustain and broaden; starting to see the broadening." "No one 25-basis-point interest rate cut matters one way or the other; the issue is when to change the narrative." "US labor market remains quite healthy." "Recent housing inflation data was