0001 GMT - Rio Tinto is the cleanest way to be long iron ore and cautious on copper while keeping exposure to growth in the base metal, Macquarie says. It upgrades the stock to outperform from neutral. "Rio is still iron-ore anchored (circa 50% of segment earnings for CY27), so it captures our view on a near-term recovery in the commodity, but it also has genuine, growing copper exposure," says the bank. Copper accounted for roughly 27% of group Ebitda in 2025, and could rise to about 36% by the end of the decade, it says. "Critically, it [Rio] has lagged BHP by circa 20% year to date, so investors buy iron ore leverage plus copper growth without paying BHP's copper 'tourist' premium," Macquarie says. It keeps a neutral rating on BHP.