“The palladium market is likely to remain plagued by a structural deficit due to a combination of increasing demand for autocatalysts and declining supply,” the two ETF Securities analysts added. “We believe that the palladium price has strong upside potential.”

ETFS Physical Palladium Shares (NYSEArca: PALL) has gained 3.9% year-to-date.

For more information on palladium, visit our palladium category.

Max Chen contributed to this article.