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"There's a bit of profit-taking, particularly in the materials sector, which has led the recent strength in the market," said Macquarie Private Wealth Senior Private Client Adviser Marcus Droga.

"Most of the US, Chinese and Australian economic data recently have been stronger, so it looks like a fairly good base for us to move up early in the new year."

BHP Billiton was down 1.8 per cent, Rio Tinto lost 1.3 per cent and Alumina was 3.7 per cent lower.

Alcoa reported revenues for the fourth quarter of $US5.4bn, an 18 per cent increase from the third quarter of 2009.

All markets but aerospace, commercial building and construction, and industrial gas turbines improved from the previous quarter.

Revenues in the fourth quarter 2008 were $US5.7bn.

"This was a tough year for the aluminum industry -- a price crash, demand destruction, and credit crunch. Yet, today Alcoa is stronger than when the year started," said Klaus Kleinfeld, Alcoa president and CEO.

"We reshaped our cost structure and portfolio for profitable growth. And we built the cash reserves to weather current economic uncertainties and invest in opportunities for future growth. Alcoa will benefit from those achievements for many years to come."

(Source from The Australian.com.au)