Key Tokyo rubber futures edged up on Tuesday but the firming of the yen and a dip in oil prices later in the session capped gains, while trading activity also slowed ahead of China's week-long New Year holidays. The benchmark rubber contract on the Tokyo Commodity Exchange for July delivery settled up 1.6 yen or 0.3 percent at 467.6 yen ($5.71) per kg on Tuesday, after rising as much as 1.2 percent to 471.5 yen.
The benchmark TOCOM futures hit a record high of 484.9 yen last week. The spot TOCOM contract for February delivery settled higher at 478.4 yen compared with the distant contract for July delivery, reflecting concerns about supplies in the near term, traders said. On the Shanghai futures exchange, the most active rubber contract for May delivery closed at 41,710 yuan per tonne.