Crude palm oil futures trade higher on rising demand

Crude palm oil futures edged higher as speculators enlarged positions, driven by rising demand in the spot market against tight supply from the major producing belts. However, decline in comparative vegetable oil prices capped some gains in crude palm oil prices to some extent. The contract for May delivery was trading at Rs 557.40, up by 0.14% or Rs 0.80 from its previous closing of Rs 556.60. The open interest of the contract stood at 3000 lots. The contract for June delivery was trading at Rs 553.50, up by 0.29% or Rs 1.60 from its previous closing of Rs 551.90. The open interest of the contract stood at 1723 lots on MCX.