The most common and most likely answer to this crossword clue is the 4 letter word HAEM
I've seen this crossword clue in Financial Times
H
A
E
M
More clues leading to the result HAEM
Buddy explains!
The straight part
We know that "Colour" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case colour = haem.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does HAEM mean?
HAEM noun- The component of hemoglobin (and other hemoproteins) responsible for binding oxygen. It consists of an iron ion that binds oxygen and a porphyrin ring that binds the globin molecules; one molecule binds one molecule of oxygen.