The copper price rose on Wednesday the 1st of March, after better-than-expected manufacturing activity data from China underpinned demand hopes. The manufacturing purchasing managers’ index rose to 52.6 last month, the National Bureau of Statistics said Wednesday, the highest reading since April 2012. A non-manufacturing gauge measuring activity in both the services and construction sectors improved to 56.3. Both indexes beat economists’ expectations. China is expected to set its GDP growth rate target at 5.5%-6% this year at its annual parliament meeting that opens on March 5, Iris Pang, chief economist, Greater China at ING said in a note. ING expects infrastructure investment to be the second major growth engine for China in 2023, after consumption.
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