Tokyo rubber ends up, just below 350 yen

TOKYO, June 25 (Reuters) - Tokyo rubber futures closed up at a two-week high just below 350 yen on Wednesday, recouping earlier losses as crude oil hovered within sight of record highs.

* The key Tokyo Commodity Exchange rubber contract for December delivery <0#JRU:>, which debuted on Wednesday, finished at 349.7 yen per kg compared with its opening price of 345 yen, after moving between 343.3-350.7 yen.

* The current market is likely to remain sandwiched between 330 yen and 350 yen, its lines of support and resistance, but will eventually head higher on energy prices, said Takashi Ogura, manager at Kanetsu Asset Management in Tokyo.

* The benchmark contract has slipped about 2.8 percent since touching 354 yen on June 12, which was the highest since March 1980.

* Crude oil prices inched down, but remain close to the record high just below $140 per barrel hit on June 16.

Front-month U.S. crude for August delivery CLc1 rose 10 cents to $137.10, as traders eyed forecasts of a drawdown in U.S. crude stocks.

* TOCOM rubber prices have been propped up by tight physical supplies, due to rain that has slowed the return to normal production after a seasonal fall in producer countries.

PRICES OF ASIAN PHYSICAL RUBBER COMPARED WITH TUESDAY

Grade Price Change