Sugar Futures closed unchanged last week that the production in the country will jump 24% in 2017/18 to to around 25 mt. The country's sugar output in the ongoing 2016-17 marketing year (October-September) is estimated to be lower at 20.2 mt because of poor rains. India is the world's second biggest sugar producer.

March raw sugar settled up 0.21 cent, or 1.5 percent, at 14.31 cents per lb, slightly paring gains after failing to breach the 40-day moving average at 14.46 cents. Prices rose on short-covering despite a larger-than-expected delivery against October futures on Friday that was viewed by many as bearish.

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.

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