ICE raw sugar ends down over 3% on likely supply glut.

Futures contracts of raw sugar settled 3.5% lower on the ICE because of expectations of higher global supplies in 2017-18, led by a rise in production in Brazil. Mills in Brazil Centre-South region produced 3.1 million tonne sugar during July 1-15, up 9.1% on year. Reports of early crushing in India due to likely higher production in 2017-18 (Oct-Sep) also weighed on prices. Early crushing would help availability of new stock of sugar in the market. The most-active October contract on ICE ended at 13.9 cents a pound, down 3.5% from the previous close.