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Sugar Futures on NCDEX closed lower on Monday as Indian Sugar Mills Association assure that the supplies are comfortable and the country won't need to import sugar this season. However, the prices still at higher levels on reports that sugar production in the country set to dip to seven-year low this season due to shortage of cane.

Indian Sugar Mills Association (ISMA) has lowered sugar production estimate for 2016-17 to 21.3 mt, down by about 9 % as compared to its estimate of 23.37 mt, projected in September 2016. Moreover, India's sugar production by mid-January is down by 6% as compared to the same period of previous year. 

Raw sugar futures on ICE closed lower on fading expectations that India may start imports of sugar this quarter. The market participants continued to monitor India, where rising sugar prices have fuelled speculation that it would have to lower import duties. However, after assurance by the trade body market is now expecting no imports this quarter. Moreover, as per CFTC data, speculators upped their bullish stance in raw sugar by 3,747 contracts to 161,630 in the week to Jan. 17.