Crude palm oil futures trade higher on rising demand

Crude palm oil futures edged higher as speculators enlarged their positions driven by rising demand in the spot market. However, recent rains in the top producing countries which have eased the threat of a supply shortfall, capped some gains in crude palm oil prices to some extent. The contract for May delivery was trading at Rs 551.80, up by 0.25% or Rs 1.40 from its previous closing of Rs 550.40. The open interest of the contract stood at 2690 lots. The contract for June delivery was trading at Rs 548.50, up by 0.26% or Rs 1.40 from its previous closing of Rs 547.10. The open interest of the contract stood at 2139 lots on MCX.