A rebound from Tuesday’s resources rout in which Assore fell 9.4% and Kumba Iron Ore lost 8.9% looked unlikely on Wednesday morning, with miners dragging Sydney’s S&P/ASX 200 index down 0.69% ahead of the JSE’s opening. Base metal miners following iron ore prices down on Tuesday contributed to the JSE’s resources 10 index losing 3%. Copper futures prices were 2% lower at $5,572.50/tonne and zinc was down 3.75% at $2,525.50/tonne on the London Metals Exchange on Wednesday morning, foreshadowing another bad day for miners. The JSE’s biggest casualty on Tuesday was eXtract, which plunged 36% to 14c after its 21%-owner and key creditor enX announced a restructure plan involving eXtract’s mining contracting business MCC selling its fleet and inventory to settle debt. "Despite the recent improvement in commodity prices, the long-term outlook for the contract mining sector remains poor. There is an oversupply of contract mining services in the market and the new eXtract board does not beli...
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