Crude palm oil futures trade higher on strong demand

Crude palm oil futures edged higher on MCX as speculators created fresh positions driven by strong spot market demand. The commodity prices improved further due to an increase in exports and expectations for an uptick in demand ahead of the Muslim holy month of Ramadan. The contract for May delivery was trading at Rs 552.80, up by 0.62% or Rs 3.40 from its previous closing of Rs 549.40. The open interest of the contract stood at 2335 lots. The contract for June delivery was trading at Rs 550.00, up by 0.59% or Rs 3.20 from its previous closing of Rs 546.80. The open interest of the contract stood at 2676 lots on MCX.