January 17, 2018 / 8:17 AM / 9 months ago

Chinese brokerage Gelin Dahua slashes April Shanghai copper position -data

BEIJING, Jan 17 (Reuters) -

* Chinese brokerage Gelin Dahua has cut long position on April Shanghai copper contract by 75 percent over past two days, according to Reuters calculations based on Shanghai Futures Exchange (ShFE) data

* Brokerage, owned by Shanxi Securities Co, now only 4th-biggest position holder among futures brokerages for April, but remains top for May and June

* Gelin Dahua offloaded 4,835 lots on Wednesday, on top of 4,160 lots it cut from its position on Tuesday, ShFE data shows

* Now has just 2,968 lots on April contract, versus 11,963 lots at the end of Monday, according to ShFE data

* Gelin Dahua has held the biggest long position on forward contracts on the exchange since at least October, placing bullish bets on behalf of a coal mining investor, according to a person familiar with the matter

* Shanghai copper prices ended down 1.9 pct on 53,580 yuan ($8,323.75) a tonne on Wednesday, the lowest close since Dec. 15

* Company did not immediately answer call seeking comment ($1 = 6.4370 Chinese yuan renminbi) (Reporting by Tom Daly; Editing by Kenneth Maxwell)

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