“Lower import demand overall, especially from Russia and China, remains a drag on this market, and production growth elsewhere will still lead to another surplus globally,” Kona Haque, Macquarie analyst, said in a note.

On the supply side, Brazil, the world’s top producer, is set to export about 2.17 million metric tons of sugar, a 31% jump over the pas week, reports Isis Almeida for Bloomberg.

iPath Dow Jones-AIG Sugar Total Return Sub-Index ETN

For more information on sugar, visit our sugar category.

Max Chen contributed to this article.