Tocom rubber futures settle 2.8% higher after hitting a fresh five-month high of Y337.8/kg on strong crude-oil prices and as the yen continues to weaken. Support comes from major producing countries entering low-production season, and Tocom may gain further to test Y340/kg this week as the yen continues to weaken, says Kaname Gokon, deputy general manager at Tokyo-based Okato Shoji Co.; he adds that investors are setting up new longs on Tocom, though some profit-taking is expected after strong gains Wednesday. Benchmark July Tocom rubber settles Y9.2 higher at Y337.6/kg.

Source: Dow Jones