Indeed Joey. Hybrids in particular, the world over and a structural deficit in Pd that has been in place since 2012. I would also point out that Chinese law has essentially limited consumers who want to buy gasoline cars to buying EVs - actually the trade war has now lifted the restriction to boost the auto sector. Chinese buyers want hybrid and gasoline engines because charging infrastructure outside the main cities is limited and Chinese grid spending is going to be woefully short of the 5% growth estimate in 2019. China policy is trying to stimulate longer range batteries of 8.1.1 but consumers also note that means longer recharge times and because of the relatively immature battery tech, its mainly only the smaller manufacturers producing such cars now. Finally, China consumers are starting to worry about resale values if today's EVs. And again finally, what if Russia goes ahead and bans Pd scrap exports after all.
And despite this, which has crippled copper prices all through 2019, what has Pd done? What other factors do you think apply to Pd supply and demand including those that have recently or may yet materialise?