The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery climbed 2.4 yen to settle at 249.0 yen ($3.10) per kg. It had gained 5.9 yen, or 2.3 percent, to 252.5 yen before profit-taking set in.

The most-active rubber contract on the Shanghai Futures Exchange, for May delivery, advanced 195 yuan to finish at 24,005 yuan ($3,800) per tonne.

The front-month SICOM rubber contract in Singapore, for December delivery, was last traded at $2.78 per kg, up 1.4 cents.

"Obama's victory signalled that flexible trade policy and stimulus packages will remain and that spurred speculative buying," said a Bangkok-based dealer.

Obama won a second term in the White House, overcoming deep doubts among voters about his handling of the US economy to score a clear victory over Republican challenger Mitt Romney.

Dealers said they expected TOCOM prices to be trapped in a narrow range of 240-250 yen after prices failed to break above major resistance at 250 yen.