Hedge fund investors – familiar commodities bears – have seen their downbeat take on the sector's prospects vindicated by the share price collapse of Glencore. But despite the trading giant's much-publicised woes, it is far from being the UK's most shorted commodity stock.

Hedge funds worldwide were already bearish on commodities, having increased their short positions in the sector by half in the past year, according to Markit data, as demand from China and other emerging markets slowed.