It depends on what your view of the world is?
If you are a believer in the stronger for longer resource boom and that commodities have decoupled from the US economy, then you would have a positive outlook for OZL. With PH coming on stream, generating significant cash from Copper and with Zinc mines closing due to the low price, reducing supply and pushing LME stocks down, Zinc could return to $1.50 per lb. The scenario just painted bodes well for OZL and it's sp.
If you believe that the world is headed for recession and stagflation, then the sp will stay approx where it is for some time.
I know I have not answered your question to the detail requested, but I hope it gives you something to think about.
Oh, and for the record, I am a believer of the first view.
HT1
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