瑞银表示，地缘政治紧张局势加剧、通胀担忧以及对美国利率的不确定性正在增强大宗商品的投资理由，该行看好石油、黄金和铜的前景。
Investing.com -- Rising geopolitical tensions, inflation concerns, and uncertainty over U.S. interest rates are strengthening the investment case for commodities, according to UBS, which sees opportunities across oil, gold, and copper.
瑞银在11月12日的一份研究报告中称，近期市场的波动凸显了大宗商品的多元化投资优势，其表现驱动因素与股票和债券不同。
In a November 12 research note, UBS said recent market volatility reinforced the diversification benefits of commodities, whose performance drivers differ from equities and bonds.
在投资者重新评估地缘政治风险和利率预期之际，该行强调了围绕伊朗冲突以及美联储政策的不确定性。
The bank highlighted uncertainty surrounding the Iran conflict and Federal Reserve policy as investors reassess geopolitical risks and interest-rate expectations.
在华盛顿发出关于与德黑兰可能进行谈判的鼓舞人信号后，布伦特原油近期跌至每桶89.19美元，创下两个月来的最低点。
Brent crude recently fell to $89.19 per barrel, its lowest in two months, following encouraging signals from Washington about potential negotiations with Tehran.
在伊朗否认谈判且霍尔木兹海峡发生新的油轮爆炸事故后，油价反弹至每桶94.70.美元。
Prices rebounded to $94.70 after Iran denied talks and fresh tanker explosions disrupted the Strait of Hormuz.
瑞银预计布伦特原油到年底将达到每桶110美元，理由是供应受限且航运中断持续存在。
UBS expects Brent to reach $110 per barrel by year-end, citing constrained supplies and persistent shipping disruptions.
截至9月底，全球可见原油库存为78亿桶，比战前的2月份水平低5亿多桶。创纪录的运费和有限的油轮可用性也在支撑原油价格。
Global visible oil inventories stood at 7.8 billion barrels at September’s end, more than 500 million barrels below pre-war February levels. Record freight costs and limited tanker availability are also supporting crude prices.
在央行购买和投资需求的支撑下，黄金依然是另一个备受青睐的防御性资产。
Gold remains another preferred defensive asset, supported by central bank purchases and investment demand.
世界黄金协会的数据显示，第三季度央行购金量同比增长42%，达到321公吨。
Third-quarter central bank buying increased 42% year-over-year to 321 metric tons, according to World Gold Council figures.
交易所交易基金211公吨的资金流入，推动全球黄金持仓量超过4250公吨。
Exchange-traded fund inflows of 211 metric tons pushed global gold holdings above 4,250 metric tons.
在更强劲的美国通胀数据以及对更高利率的预期引发近3%的下跌后，黄金近期在每桶3980美元附近交易。
Gold recently traded near $3,980 an ounce after stronger U.S. inflation data and expectations of higher interest rates triggered a nearly 3% decline.
瑞银建议配置不足的投资者考虑在跌破4000美元的回调期间增加黄金敞口。
UBS suggests underallocated investors consider increasing gold exposure during pullbacks below $4,000.
在电力需求上升、人工智能基础设施投资以及矿山产出受限的支撑下，铜依然是该行首选的工业金属。
Copper remains the bank’s preferred industrial metal, supported by rising electricity demand, artificial intelligence infrastructure investment, and constrained mining output.
智利两家主要铜矿企业的产量在9月份同比分别下降21%和14%，加剧了人们对供应的担忧。
Production at two major Chilean copper operations declined 21% and 14% annually in September, reinforcing supply concerns.
瑞银青睐涵盖能源、贵金属、工业金属和农业的多元化大宗商品敞口，以便投资组合能够随着市场条件的变化进行调整。
UBS favors diversified commodity exposure spanning energy, precious metals, industrial metals and agriculture, allowing portfolios to adjust as market conditions change.