Crude palm oil futures trade higher on rising demand

Crude palm oil futures edged higher on MCX as speculators enlarged their positions on rising demand in the spot markets against insufficient supplies from the major producing areas. However, expectations of higher production from the major producing belts capped some gains in crude palm oil prices. The contract for May delivery was trading at Rs 524.90, up by 0.10% or Rs 0.50 from its previous closing of Rs 524.40. The open interest of the contract stood at 384 lots. The contract for June delivery was trading at Rs 519.00, up by 0.45% or Rs 2.30 from its previous closing of Rs 516.70. The open interest of the contract stood at 3098 lots on MCX.