Surging palladium leads NY precious metals rally

Newswire

NEW YORK, Aug 27 (Reuters) - NYMEX palladium futures lead gains in the precious metals sector Tuesday, soaring more than 8 percent to a three-month high in a furious short squeeze with traders scratching their heads about the underlying reasons. NYMEX September palladium settled $28 higher at $362.35 an ounce, striking its highest since May 21. Estimated volume was 1,408 contracts, frantic compared to many days when turnover in the illiquid palladium market barely exceeds 100. Spot last ...

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