Sugar Futures On NCDEX Closed Higher



Sugar Futures on NCDEX closed higher on Monday touching its highest levels since 2014. India’s sugar production fell by 10 % to 128.6 lt in the first four months of the 2016-17 marketing year that started October last, due to lower cane production in Maharashtra because of drought. Earlier, ISMA has lowered sugar production estimate for 2016-17 to 21.3 mt by about 9% compared to 23.37 mt, projected in Sep 2016. Raw sugar futures on ICE rose on Monday to their highest level in nearly three months supported by expectation in tightness in world market and lower production expectations in India. International traders are expecting that India will need to import about 1-1.5 mt of sugar later in the season.

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