Key Takeaways
- • AlphaValue/Baader Europe upgraded Aurubis to "Buy" on 23 October, according to media reports, even as the shares slipped 2.3% to €135.00 on Thursday.
- • Goldman Sachs disclosed on 22 October that its total position in Aurubis rose to 10.28% from 9.10%, crossing a voting-rights threshold.
- • Deutsche Bank Research cut its price target to €169 from €177 while keeping a "Hold" rating, citing a more demanding ramp-up at the Richmond plant and lower 2026 and 2027 pre-tax profit forecasts.
- • Salzgitter's preliminary nine-month 2026 figures included a €252 million earnings contribution from Aurubis, up from €83.5 million a year earlier.
- • Aurubis scheduled publication of its fiscal 2025/26 annual report for 2 December.
Summary
Aurubis shares slipped 2.3% to €135.00 on Thursday, despite a fresh upgrade from AlphaValue/Baader Europe, which raised its rating on the copper producer to "Buy" on 23 October, according to media reports. The analyst picture is mixed. Deutsche Bank Research, about two weeks earlier, trimmed its price target to €169 from €177 while maintaining a "Hold" rating. Analyst Bastian Synagowitz pointed to a more demanding ramp-up at the company's new Richmond plant and reduced his pre-tax profit forecasts for 2026 and 2027 ahead of Aurubis's quarterly figures.
On the short side, Linden Advisors LP reduced its net short position in Aurubis, according to media reports, following a 1.6% gain in the prior session. Sentiment had also been weighed by sector news: on 20 October, media reported output declines at BHP and Anglo American, which were cited as a trigger for selling in Aurubis shares.
Ownership data showed a notable move on the long side. Goldman Sachs disclosed on 22 October that its total position had climbed to 10.28% from 9.10%. A voting-rights notification published a day later showed 0.58% of voting rights held through shares and 9.69% through instruments, marking the crossing of a voting-rights threshold.
Peer Salzgitter's preliminary nine-month 2026 figures, published Wednesday, included a €252 million earnings contribution from Aurubis, up sharply from €83.5 million in the comparable prior-year period. Salzgitter simultaneously raised its 2026 EBITDA-VX guidance to €800–875 million from €725–825 million.
Operationally, Aurubis has announced an investment to further expand its Hamburg multimetal hub, aimed at processing valuable intermediate products. COO Tim Kurth was elected to the board of the International Wrought Copper Council about two weeks ago, where he will represent the company's views on secure raw-material supply. Reuters reported about two weeks ago, citing market sources, that Aurubis had set a copper premium of $347 per tonne for 2027; the company declined to comment. The annual report for fiscal 2025/26 is scheduled for publication on 2 December.
On the short side, Linden Advisors LP reduced its net short position in Aurubis, according to media reports, following a 1.6% gain in the prior session. Sentiment had also been weighed by sector news: on 20 October, media reported output declines at BHP and Anglo American, which were cited as a trigger for selling in Aurubis shares.
Ownership data showed a notable move on the long side. Goldman Sachs disclosed on 22 October that its total position had climbed to 10.28% from 9.10%. A voting-rights notification published a day later showed 0.58% of voting rights held through shares and 9.69% through instruments, marking the crossing of a voting-rights threshold.
Peer Salzgitter's preliminary nine-month 2026 figures, published Wednesday, included a €252 million earnings contribution from Aurubis, up sharply from €83.5 million in the comparable prior-year period. Salzgitter simultaneously raised its 2026 EBITDA-VX guidance to €800–875 million from €725–825 million.
Operationally, Aurubis has announced an investment to further expand its Hamburg multimetal hub, aimed at processing valuable intermediate products. COO Tim Kurth was elected to the board of the International Wrought Copper Council about two weeks ago, where he will represent the company's views on secure raw-material supply. Reuters reported about two weeks ago, citing market sources, that Aurubis had set a copper premium of $347 per tonne for 2027; the company declined to comment. The annual report for fiscal 2025/26 is scheduled for publication on 2 December.
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