Aurubis Draws a Buy Rating and a Hedge-Fund Retreat as Hamburg Expansion Takes Shape
Published on 10/30/2026 at 14:31 | Editorial boerse-global.de
Aurubis shares slipped 2.3% to €135.00 on Thursday, a down day that sat awkwardly beside a fresh upgrade for the copper producer. AlphaValue/Baader Europe raised its rating on the stock to "Buy" on 23 October, according to media reports — a vote of confidence that landed just as the equity was giving up ground.
The upgrade is only one strand of a mixed analyst picture. Deutsche Bank Research, roughly two weeks earlier, had trimmed its price target to €169 from €177 while keeping a "Hold" rating. Analyst Bastian Synagowitz pointed to a more demanding ramp-up at the company's new Richmond plant and cut his pre-tax profit forecasts for 2026 and 2027. The revision came ahead of Aurubis's quarterly figures.
Short Sellers Step Back
On the bearish side of the ledger, Linden Advisors LP has reduced its net short position in Aurubis, according to media reports. The move came as the stock added 1.6% in the prior session. Sentiment had also been dented by sector news: on 20 October, media reported output declines at BHP and Anglo American, and those industry headlines were cited as the trigger for selling in Aurubis shares.
Goldman Builds a Stake Above 10%
Ownership data told a different story. Goldman Sachs disclosed on 22 October that its total position in Aurubis had climbed to 10.28% from 9.10% previously. The 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.
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Aurubis also features prominently in the numbers of its peer Salzgitter. In Salzgitter's preliminary nine-month figures for 2026, published Wednesday, a €252 million earnings contribution from Aurubis was included — up sharply from €83.5 million in the comparable prior-year period. Salzgitter simultaneously lifted its EBITDA-VX guidance for 2026 to a range of €800–875 million, having previously guided for €725–825 million.
Hamburg Hub Set for Expansion
Operationally, Aurubis has announced an investment to further expand its Hamburg multimetal hub, aimed at processing valuable intermediate products. The company also said COO Tim Kurth was elected to the board of the International Wrought Copper Council about two weeks ago, where he is to contribute the company's perspective on secure raw-material supply — a role that ties his work on the copper council to the raw-materials security theme.
At the Olen site, Aurubis marked the 30th anniversary of its FSD department, which produces copper cathodes, with a review of the unit's development published Wednesday.
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A Record Premium in the Background
In the copper business itself, 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 at the time.
Investors now have a firm date to circle: Aurubis has scheduled publication of its annual report for fiscal year 2025/26 for 2 December, the next confirmed entry on its financial calendar.
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