UBS Says a Major Commodity Upcycle Is Taking Shape

UBS says a “commodity upcycle” is taking shape, with Quantix Commodity Index already at a record high and veteran strategist Jeff Currie warning the era of abundant physical resources may be ending. A day after Currie urged investors to “get long and buckle up,” UBS strategist Sagar Khandelwal issued a similar call, urging clients to “position for a commodity upcycle.” He argues electrification, rising power demand, AI infrastructure spending, persistent supply constraints and years of underinvestment are combining to support sustained hard-asset gains. UBS frames commodities as both a return source and portfolio protection when inflation expectations pressure stocks and bonds, suggesting diversified exposure across precious metals, energy, industrial metals and agriculture.