Despite trimming medium term earnings outlook for copper, coal & nickel producers, Macquarie sees value in Australian resources sector post a weak 1H 2013. However, the broker has downgraded Alumina Ltd (AWC) to Underperform, reflecting the material sector risks of lower aluminium and alumina prices in the short to medium term. While both look attractive at current levels, Macquarie continues to favour BHP over RIO given its greater diversification and lower risk portfolio.
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