March 12, 2018 / 10:58 AM / a year ago

Chinese brokerages slash May, June Shanghai copper positions - data

BEIJING, March 12 (Reuters) -

* Chinese brokerages Yongan Futures and Gelin Dahua slashed their long positions on the Shanghai Futures Exchange (ShFE) May and June copper contracts, respectively, over the past two trading days, ShFE data show.

* Gelin Dahua, owned by Shanxi Securities Co has held the biggest long position on forward copper contracts on the ShFE for months, with Yongan Futures the second most bullish brokerage.

* Gelin Dahua cut its June long position by 74 percent, or 9,696 lots on March 9 and 12, according to Reuters calculations. It has already cut its April and May positions in similar fashion this year.

* Yongan Futures cut its May long position by 57 percent, or 8,356 lots over the two days, the data show. Both were previously top position holders for the months.

* Gelin Dahua remains by far the top position holder for the July, August and September ShFE copper contracts, with Yongan Futures in second place. (Reporting by Tom Daly, editing by Louise Heavens)

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