As commodities continue their recent rally, one analyst says that the group may have already found a bottom this year.
Andrew Hecht of Commodix.com said the last few months have been exceptionally weak for commodities, which could be a good signal for the fourth quarter. According to data from S&P Dow Jones Indices, the past quarter was the third worst Q3 returns for commodities since 1970.
Although Hecht expects to see more volatility in Q4 this year, he said there are several catalysts that could push commodities higher.
"While we have to keep our eyes on China, and that's going to move commodities prices, we might have seen a bottom for the year during Q3," Hecht said Thursday on CNBC's "Futures Now."
"The commodities sector in general was down about 9 percent at the end of the third quarter. And it's down about 13 percent as of Sept. 30 across the board. So a bounce that's happening now is not out of the question," he said.
With Fortress' macro hedge fund closing, and Glencore struggling to manage its debt, the market could see much more contrarian plays that drive upside for commodities, Hecht said.
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Hecht is particularly bullish on gold, which he noted has "blasted off." The yellow metal has risen more than 6 percent in October. He said that gold could break through $1,200, but to watch key resistance around $1,234.
"I see pretty clear sailing" for gold, Hecht said Thursday. "I think we're going to put a print up above $1,200, maybe up to $1,225, but I think up there it gets a little more dicey."
Hecht said he is also watching soft commodities such as rice, sugar and coffee, which could soar as the El Niño weather phenomenon pushes prices up for producers.