Palladium's structural story keeps tilting to the downside, according to research published this week.
Two aligned analyses circulating among market researchers both point lower on palladium. The core argument: the auto industry's shift toward electric vehicles is steadily destroying demand for palladium's biggest use case — catalytic converters in gasoline engines. That erosion, the published view holds, dwarfs any support from a tightening market or shrinking Russian supply.
Even with the supply deficit widening, one camp of analysts argues these constraints simply aren't large enough to spark a durable price recovery. The demand hole, in their framing, is too deep and too structural. Cyclical bounces may come, but the medium-term direction favored by the current research consensus is down.
Worth noting: this is a reportage of what outside researchers are publishing, not a call. But the fact that independent analyses are converging on the same bearish structural read is itself the signal worth tracking.