Crude palm oil futures trade higher on tight supply

Crude palm oil futures edged modestly higher on tight supplies from the major growing areas against rising demand in the spot market. However, decline in comparative vegetable oil prices capped some gains. The contract for May delivery was trading at Rs 550.40, up by 0.22% or Rs 1.20 from its previous closing of Rs 549.20. The open interest of the contract stood at 3035 lots. The contract for June delivery was trading at Rs 547.20, up by 0.42% or Rs 2.30 from its previous closing of Rs 544.90. The open interest of the contract stood at 1765 lots on MCX.