Short sellers are continuing to pile into Glencore despite shares in the miner doubling in value since January.

The commodity giant, like most of its peers, has seen shares plunge over the past 12 months due to weaker iron ore, copper and gold prices.

But metals have hit a six-week bull run and Glencore shares have surged, jumping from the January low of 71p to close at 160p last week.

Despite the rebound, data from Sungard’s Astec Analytics says borrow volume - typically those betting against a stock - has risen almost 40% over the same period.

“Short sellers can often be seen as taking contrary positions,” Astec said in a note to clients.

“If share prices in metal and mining companies continue to recover, short sellers will begin to feel the pain.”

This week London-based broker Canaccord Genuity upped its target price on Glencore shares from 150p to 180p.

“While the shares have doubled from their January lows, we are increasingly confident that Glencore will be able to achieve its disposal and debt reduction targets and anticipate further share price upside,” said analyst Nick Hatch.