"Everyone is negative; everyone is positioned for weakness in commodities and emerging markets so at some point there will be an opportunity for a rebound," Valentijn Van Nieuwenhuijzen, head of strategy at NN Investment Partners, told CNBC on Tuesday.
"It's still early for it, but there could be some bottom fishing," he said.
Analysts said uncertainty about when the U.S. Federal Reserve would lift off on a long-awaited interest rate hike would remain a headwind for commodity markets in the fourth quarter.
The Fed left rates at a record low earlier this month and took markets by surprise with a dovish statement that expressed concerns about the state of the global economy. Comments from Fed speakers since then, however, have suggested a hike this year could still be on the cards.
"Over the last two weeks, basically since the Fed's 'no move', there has been a fear factor driving markets rather than an underlying shift in the global economy," Van Nieuwenhuijzen said.
"There's no full blown panic but there is a sense that sentiment is getting a bit more pessimistic than the fundamentals justify," he said.