TOKYO: Key Tokyo rubber futures ended up 1.9 percent on Tuesday, tracking higher oil prices, but trading was limited ahead of Chinese New Year holidays, while European debt auctions scheduled this week kept investors on the sidelines.
The key Tokyo Commodity Exchange rubber contract for June delivery settled up 5 yen at 272.9 yen ($3.55) per kg.
"Selling pressure is easing and the bottom price is gradually rising on the prospect of improvement in the US economy, but the market is hardly active, locked in a narrow range of 260 to 280 yen," said Naoki Asami, chief broker at trading house Kanetsu.
The most active Shanghai rubber contract for May delivery closed up 1.4 percent at 24,940 yuan ($3,900) per tonne. Volume stood at 1.15 million lots.
Brent crude edged up above $113 on Tuesday, spurred by tensions over Iran's nuclear programme and unrest in Nigeria, but persistent worries about the strength of Europe's economies capped gains.
Markets are closely watching auctions of European debt this week and awaiting the European Central Bank policy meeting on Thursday. The ECB is expected to press governments to step up efforts to tackle the debt crisis.
India's auto industry body revised its forecast for domestic car sales growth in the year to March 31 to 0-2 percent.
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