Global commodities' biggest winners and losers this year — and where they're headed

The global commodities market has been volatile this year, with prices remaining largely elevated.

Orange juice and cocoa futures surged to record highs in the first half of the year, while crude oil prices fluctuated with headlines from the Middle East. Gold prices continue to rise, but that of base metals like iron ore slipped considerably.

"Thus far, commodity markets have been sentiment-driven and fickle — in continuous search of the smallest inkling of hope to rise to new highs, only to collapse back down with the slightest hint of possible disappointment," said Sabrin Chowdhury, director and head of commodities analysis at BMI.

The S&P GSCI, a benchmark for the overall commodity market's performance, rose as much as 12% in April from the start of the year, before tapering off to a 2.18% climb year-to-date.

According to data pulled from FactSet, the commodities making the most gains year-to-date are a select basket of soft commodities that includes cocoa, eggs, orange juice, rubber and coffee.

Analysts told CNBC these commodities saw strong gains as a result of adverse weather in their main production regions.

Cocoa leads the charge as prices jumped 66% so far this year, with futures soaring to an all-time high of $11,722 per metric ton in April amid a bean shortage due to supply disruptions from heavy rains and disease in key producers Ivory Coast and Ghana.

Attracted by the profit-making opportunities, hedge funds piled into the market which made price movements even more volatile, said Darren Stetzel, senior vice president of soft commodities for Asia at brokerage StoneX. 

While prices have tapered from the record highs, cocoa futures still remain above typical levels, with the September contract last trading at $9,150