Cotton futures gapped lower overnight, and finished the session limit down as much needed rain hit the main US growing region.

Analyst Louis Rose said that the market had been surprised by the rains the south-east US, which hit earlier and heavier than expected.

"We expected it to rain this week but not this early," Mr Rose said.

The sharp price fall marks an end to the rapid price rally which bought December futures to a 2-year high of 77.80 cents a pound on Friday, fuelled by US and India weather fears and good Chinese demand.

December cotton futures punched back down through the 20 day moving average, for the first time in over a month.

The second month December cotton contract hit limit down, down 3.9% on the day, to finish at 73.05 cents a pound.