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ICE reverts cotton futures daily price limit to 3 cents/lb

April 2 (Reuters) - Intercontinental Exchange Inc on Thursday said the daily price limit for all Cotton No. 2 futures will be reverted to 3 cents per pound (300 points) above and below the prior day’s settlement price, effective April 3.

The announcement came a day after the exchange expanded the limit to 4 cents per lb.

ICE cotton futures settled up 1.58 cents, or 3.3%, at 49.99 cents per lb, its biggest one-day percentage gain since Oct. 11, helped by a surge in oil prices. Prices had plunged as much as 5.2% to an 11-year low on Wednesday. (Reporting by Eileen Soreng in Bengaluru Editing by Chris Reese)

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