Aurubis Wins a Buy Upgrade as Hamburg Expansion and a Record Copper Premium Offset Richmond Worries
Published on 10/26/2026 at 14:40 | Editorial boerse-global.de
Baader Europe lifted its rating on Aurubis from "Add" to "Buy" on Friday, handing the copper producer a vote of confidence at the end of a week in which production news from rival miners and a more cautious Deutsche Bank note had weighed on the stock. Shares responded by climbing 1.7% to €133.70.
The upgrade lands against a mixed backdrop. Deutsche Bank Research had cut its price target on Wednesday to €169 from €177 while keeping a "Hold" rating. Analyst Bastian Synagowitz pointed to a more demanding ramp-up at the company's Richmond plant and trimmed his pre-tax profit forecasts for both 2026 and 2027, so the revision touched earnings expectations as well as the target price. He nonetheless continued to expect strong free cash flow.
A Week of Pressure
The stock had fallen sharply between October 19 and 22. Media reports initially attributed the selling to quarterly updates from BHP and Anglo American showing declining copper output. The Deutsche Bank study, with its lower target and reduced profit estimates, added further pressure. Aurubis itself did not confirm the production reports as the cause of the decline — that explanation comes from market coverage.
Should investors sell immediately? Or is it worth buying Aurubis?
Record Premium on the Sales Side
On the commercial front, a possible record premium is drawing attention. Reuters reported on October 14, citing three market sources, that Aurubis will charge European customers a premium of $347 per tonne of refined copper for 2027. The company declined to comment on the figure, leaving the pricing demand as a market-reported expectation rather than a confirmed corporate statement.
Hamburg Bet and Boardroom Role
Aurubis is planning a highly automated facility in Hamburg to pre-treat metal-bearing intermediate products. The investment forms part of the Hamburg multimetal hub, with completion targeted for 2028.
In a personnel development, COO Tim Kurth was elected to the board of the International Wrought Copper Council (IWCC) on October 20, according to the company. Separately, roughly three weeks ago Rossmann Beteiligungs GmbH reported an increase in its holdings of Aurubis instruments, with its total stake including voting rights rising to 21.59% from 21.36%.
Investors will get their next hard data point on December 2, 2026, when Aurubis is scheduled to publish its annual report for fiscal 2025/26, according to its financial calendar.
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