LONDON — Copper prices were sent to a record high on Wednesday by a weaker dollar, supply concerns and tighter availability of metal in warehouses registered with the London Metal Exchange.

Benchmark LME three-month copper was up 1.7% at $11,333 a metric ton by 11:02 am (local time) after touching a record high of $11,434.50.

"Copper is looking quite bullish after breaking to new highs, with algorithmic models flashing buy signals. There's a decent chance prices could climb toward $12,000 a ton from here," said Dan Smith, managing director of Commodity Market Analytics. Adding to the bullish sentiment, data showed business activity in the euro zone expanded in November at its fastest pace in two and a half years, reinforcing a mix of factors already supporting the metal.