For completeness’ sake:
I have found out that the “copy” feature is tied to the region set on the Mac. It works in the US (and UK among a few other markets I think) but is definitely disabled in Germany (and other markets).
Solution: change the region of your Mac and set date, time and other metrical settings back to your actual region's standard. You will also have to change the language. If you use the Mac OS application “Language Switcher”, you can change the language setting permanently for Kindle for Mac only. This will not however change the actual language of the app, because that is tied to your region (which is tied to the system language).
Fortunately, the “copy” feature has since arrived on iOS and probably because they couldn't tether just that single feature to a region setting, it is available in all regions without restrictions.
Happy copying!
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