Aurubis Draws Regulatory Filings, Short Bets and a Salzgitter Windfall in a Single Week
Published on 10/31/2026 at 17:42 | Editorial boerse-global.de
A flurry of disclosure notices, a weaker copper tape and a tripling of one shareholder's equity contribution have put Aurubis in the spotlight — though the most eye-catching headline of the week, a BNP Paribas stake crossing the 5% mark, turns out to be more about bookkeeping than buying.
BNP's 5.33% Is Not What It Seems
BNP Paribas notified a total position of 5.33% of Aurubis voting rights on the previous day. The French bank attributed the filing to the non-application of the trading book exemption, meaning the disclosure reflects how the position is captured for regulatory purposes and does not explicitly identify a share purchase as the trigger. Of that total, 2.93% is held in shares, with a further 2.40% attributed to instruments. The reported aggregate therefore spans both categories and should not be read as a pure equity stake.
The BNP notice follows a separate change reported roughly a week earlier by Goldman Sachs, whose total position in the copper producer climbed to 10.28% from 9.10% previously.
Short Sellers Keep Aurubis in Their Sights
Alongside the regulatory filings, media reports on Tuesday put aggregate reported net short positions in Aurubis at 2.77%, based on disclosures published in the Bundesanzeiger on Monday. That keeps positioning for falling prices on the radar just as the copper backdrop has turned less friendly.
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Copper Sags as AI Spending Doubts Bite
The metal itself came under pressure in a softer market. According to Reuters, concerns about the returns on heavy AI investment weighed on risk appetite, while higher oil prices and weak technology shares added to growth worries. Aurubis shares fell 3.2% on the day to close at €133.80. Reuters did not draw a direct link between the copper market's move and the share price reaction.
A Premium Above LME — With a Caveat
On the commercial side, Reuters reported roughly two weeks ago that Aurubis intends to charge European customers a copper premium of US$347 per tonne above the LME price for 2027, up from US$315 previously. Three market sources supplied the figure to the news agency, and Aurubis declined to comment. The higher number is therefore a price expectation reported by market participants, not an agreement confirmed by the company.
Salzgitter's Equity-Method Boost
Salzgitter on Thursday reported an Aurubis contribution of €252 million for the first nine months of 2026, compared with €83.5 million in the same period a year earlier. The figure is the result contribution Salzgitter records under the equity method, not revenue or profit reported by Aurubis itself.
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What Comes Next
The next scheduled date on the corporate calendar is 2 December 2026, when Aurubis plans to publish results for its 2025/26 financial year. That release covers the company's own annual accounts, distinct from the participation result Salzgitter reports for its stake.
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