India: Sugar futures may trade sideways on good festive demand

Sugar Futures closed lower on Monday mainly on technical selling  but the prices are stable at  on festival demand but the gain was  restricted  on expectation that the production in the country will  jump 24% in 2017/18 to  around 25  mt.  This year the sugarcane crushing is going to delay due to maintenance work has caused over two weeks of extension in new season crushing. ICE March raw sugar settled up 0.02 cent, or 0.1 percent, at 14 cents per lb, consolidating after a 2.9 percent decline on Friday. A survey of analysts by S&P Global Platts put the sugar cane crush in Center - South Brazil during the period at 41.55 million tonnes, down 2.3 percent year - over - year.

Outlook

Sugar futures may trade sideways on good festive demand, but forecast of higher production and good availability of sugar with the mills may keep the prices steady.