UBS: Commodities - FJElite

While shifting conditions in the Middle East continue to impact oil and refined product markets, we believe the case for broad commodity exposure as both a source of return and an inflation hedge extends beyond energy. Industrial metals should stay supported by investment in AI and electrification. Agricultural commodities have potential for gains given El Niño-re ated risks, while gold remains a useful strategic diversifier We favor active management because commodity leadership is likely to rotate as geopolitical conditions, inventories, and demand expectations change.