Copper prices have been under pressure this year, shedding about 13% so far, and  the International Monetary Fund's move on Tuesday to lower its global growth forecasts, only made it worse.

Experts, however, say the heavy short selling may dry up and spur a strong rebound.

"I don't think we'll stay below $7,000 for too long… The data shows that the market has never been this short. That for me is a big upside risk for prices because when people start closing out those shorts, you could get quite a big snap higher," Barclays’ analyst Gayle Berry  told Business Recorder .