The price of copper continues to climb to new record highs on Wednesday.

A weaker dollar and supply concerns are fueling the rally.

At the time of writing, the copper price is up 3.5 percent to $11,534 per ton.

JP Morgan analysts predict that copper prices could rise to $12,500 during the first half of next year, according to Bloomberg.

Base metals (USD/ton) Price today Daily change, %
Copper, 3 months 11,534 3.5
Zinc, 3 months 3,066 0.1
Nickel, 3 months 14,890 0.6
Lead, 3 months 2,001 0.3
Aluminum, 3 months 2,895 1.0
Tin, 3 months 40,735 4.3
LME stocks (tons)
Copper 162,150 0.2
Zinc 52,450 0.1
Nickel 252,990 0.0
Lead 253,150 -1.5
Aluminum 533,400 -0.5
Tin 3,195 1.6