Yen-based palladium futures rose on Wednesday, with the spot April contract ending at a record high for the nearby contract amid investor short-covering, traders said. Other precious metal futures also gained on follow-through buying after gaining overnight in New York, they said. April palladium closed up 43 yen per gram at 1,466 yen, after marking an intra-day historic high of 1,473 yen. The upswing of the spot contract will continue until Fridays expiry, as investors who have spot contract shorts will have to finish covering their positions, one broker said.
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