Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

Commodities

<ul>
<li>Investment community is too bearish on Pd, a strategic metal, it has strong growth dynamics looking forward. Future supplies will be physically constrained, whether from Russia and/or South Africa.</li>
<li>Palladium (Pd) demand to grow 26% over the next decade. Production dominated by Russia and South Africa. Russian production sustainability under question</li>
<li>Virtually all global Pd production is via by-product. Significant price rises required to incentivise additional supply  </li>
</ul>


Investment community is too bearish on Pd, a strategic metal, it has strong growth dynamics looking forward. Future supplies will be physically constrained, whether from Russia and/or South Africa.
Palladium (Pd) demand to grow 26% over the next decade. Production dominated by Russia and South Africa. Russian production sustainability under question
Virtually all global Pd production is via by-product. Significant price rises required to incentivise additional supply  


Palladium Price to Double Within a Decade

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul>
<li>Yesterday was a crazy day in FX and commodities as seen in chart 1.a. Within the span of 6 hours we had markets trading WaPo the rumour, then reacting to the pushback on the rumour from Trump and then markets calling Trump’s push back a bluff.</li>
<li>We conclude a couple of things from this.</li>
<li>Firstly, what we have been saying the last month ever since Trump’s first comments on Canadian tariffs, namely that this is a negotiation tactic to get what he really wants.</li>
</ul>


Yesterday was a crazy day in FX and commodities as seen in chart 1.a. Within the span of 6 hours we had markets trading WaPo the rumour, then reacting to the pushback on the rumour from Trump and then markets calling Trump’s push back a bluff.
We conclude a couple of things from this.
Firstly, what we have been saying the last month ever since Trump’s first comments on Canadian tariffs, namely that this is a negotiation tactic to get what he really wants.


The Drill: It’s an Omnishambles in the Tariff Talks

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Critical Minerals Outside of China Will Command A Strategic Premium</li>
<li>As risk appetite in the mining sector increases, the biggest gains will be in the junior miners and exploration companies</li>
<li>We highlight eight companies as a basket of such miners which should benefit from these trends</li>
</ul>


Critical Minerals Outside of China Will Command A Strategic Premium
As risk appetite in the mining sector increases, the biggest gains will be in the junior miners and exploration companies
We highlight eight companies as a basket of such miners which should benefit from these trends


A Basket of High-Risk, High-Reward, Critical Metal Miners with Strategic Value - Pt 1

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

<ul><li>Both precious and industrial metals jumped significantly up over the past week. Gold, Silver, Platinum and also Palladium are currently basically in the same trading regime.</li><li>Copper looks a bit different but also bullish, after breaking an H&amp;S pattern to the upside, providing both systematic and discretionary investors with a great setup.</li><li>Bintas built Trafigura’s copper book into the world’s largest. Now at Mercuria, he’s driving a major expansion into metals.</li></ul>

Both precious and industrial metals jumped significantly up over the past week. Gold, Silver, Platinum and also Palladium are currently basically in the same trading regime.Copper looks a bit different but also bullish, after breaking an H&amp;S pattern to the upside, providing both systematic and discretionary investors with a great setup.Bintas built Trafigura’s copper book into the world’s largest. Now at Mercuria, he’s driving a major expansion into metals.

(Another) Industrial Metals Breakout // La Niña Weather Scenario

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflow</li><li>Expectation of continued central bank buying and investor demand growth in 2026</li><li>Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metals</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflowExpectation of continued central bank buying and investor demand growth in 2026Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metalsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Metals headed for even greater heights

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Palladium (XPD COMDTY)

Palladium Price to Double Within a Decade

Investors underestimate growth potential of palladium due to supply constraints from Russia and South Africa, with demand expected to rise 26% in...

Gaius King

The Drill: It’s an Omnishambles in the Tariff Talks

Trades: Short DXY, Long Palladium, Long Copper / Short Iron Ore. Yesterday was a crazy day in FX and commodities as seen in chart 1

Steno Research

A Basket of High-Risk, High-Reward, Critical Metal Miners with Strategic Value - Pt 1

US/Oz have signed The Critical Minerals Framework -commits the countries to invest more than $3 B over 6 months jointly and supports a pipeline of...

Rikki Malik

(Another) Industrial Metals Breakout // La Niña Weather Scenario

Both precious and industrial metals jumped significantly up over the past week. Gold, Silver, Platinum and also Palladium are currently basically...

The Commodity Report

Global Commodities: Metals headed for even greater heights

In the third quarter of 2025, gold demand surged to nearly 980 tons, driven by a price increase, with expectations for continued strong central...

At Any Rate

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Palladium Price to Double Within a Decade

​Investors underestimate growth potential of palladium due to supply constraints from Russia and South Africa, with demand expected to rise 26% in...

Gaius King

The Drill: It’s an Omnishambles in the Tariff Talks

Trades: Short DXY, Long Palladium, Long Copper / Short Iron Ore. Yesterday was a crazy day in FX and commodities as seen in chart 1

Steno Research

A Basket of High-Risk, High-Reward, Critical Metal Miners with Strategic Value - Pt 1

US/Oz have signed The Critical Minerals Framework -commits the countries to invest more than $3 B over 6 months jointly and supports a pipeline of...

Rikki Malik

(Another) Industrial Metals Breakout // La Niña Weather Scenario

Both precious and industrial metals jumped significantly up over the past week. Gold, Silver, Platinum and also Palladium are currently basically...

The Commodity Report

Global Commodities: Metals headed for even greater heights

In the third quarter of 2025, gold demand surged to nearly 980 tons, driven by a price increase, with expectations for continued strong central...

At Any Rate

Investors underestimate growth potential of palladium due to supply constraints from Russia and South Africa, with demand expected to rise 26% in...