Goldman Sachs Trims Stake in Copper Producer Aurubis

Goldman Sachs reduces voting rights in Aurubis to 9.24%, as the copper producer sees record MDAX trading volume and publishes its first ESG Factbook.

A recent regulatory filing has revealed a notable reduction in The Goldman Sachs Group, Inc.'s reported voting rights position in Aurubis AG. The move coincides with a period of exceptionally high trading activity in the shares of the European copper producer and recycler.

Voting Rights Shift: A Move to 9.24%

According to a disclosure under the German Securities Trading Act (WpHG) dated March 4, Goldman Sachs has lowered its total Aurubis voting rights to 9.24%. This represents a decrease from a previously reported level of 10.62%. The reporting threshold was crossed on February 26, 2026.

The structure of the remaining holding is particularly noteworthy. The filing indicates that only a minimal portion, 0.13% (representing 56,648 voting rights), is held via directly owned shares. The vast majority of the position, 9.11%, is held through financial instruments. Aurubis has a total of 44,956,723 voting rights in issue.

For market observers, such disclosures primarily offer transparency into how major institutional positions are evolving. They do not necessarily provide a direct signal regarding short-term price targets.

Exceptional Trading Volumes Amid MDAX Leadership

In a related development, Aurubis stock has recently demonstrated remarkable liquidity. Data from Deutsche Börse shows that in February 2026, the company's shares led the MDAX in terms of trading volume. Turnover on the Xetra and Frankfurt exchanges reached €941.65 million. This high liquidity provides a market environment where significant position adjustments by large players can be more readily absorbed.

From a price perspective, the picture remains mixed. The share price closed at €168.10 on Wednesday, approximately 2.78% below its 52-week high of €172.90. However, since the start of the year, the stock has recorded a substantial gain of +32.57%.

Sustainability Metrics Detailed in New Report

Adding a third dimension to the current narrative, Aurubis published its first ESG Factbook for the 2024/25 financial year in early March. The report details a €155.4 million direct investment in environmental protection for the period. Since 2000, the company's cumulative spending in this area totals €1.172 billion.

Regarding its material cycle, Aurubis reports an average recycling content of 45% in its produced copper cathodes. The rate is higher for specific metals (e.g., tin 100%, silver 58%). The factbook also discloses emissions of 991,000 tonnes of CO? equivalent (Scope 1 and 2) and 4.548 million tonnes (Scope 3). Furthermore, Aurubis highlights its EcoVadis platinum medal rating for 2025, with a score of 85 out of 100 points.

In summary, three key signals are currently converging for Aurubis investors: a reduced Goldman Sachs position held predominantly via instruments, conspicuously high trading volumes in February, and the release of new, detailed ESG performance data. Market attention will likely focus on whether the stock's strong liquidity and proximity to its yearly high can provide stability in the coming weeks.