Trading in the cotton options market was halted for a second straight day on Tuesday after cotton options rose by twice the daily limit, ICE Futures US said. Trading continued in the cotton futures market. "Trading of the options contracts is halted based upon a determination by the exchange that the lead month futures contract is trading at a synthetic price that is equal to two times the daily price limit," the exchange said in a statement.
The benchmark March cotton futures were trading up by the 5.00-cent daily limit at a record $1.5912 per lb. The option cotton contract traded at $1.6412, up 10 cents. Trading "will resume at the normal 10:30 am EST (1530 GMT) start" on Wednesday if it fails to be restarted on Tuesday, the exchange said.