(MENAFN- Yolo Wire) Copper's price continues to rise as global demand for the red industrial metal surges.

On the London Metals Exchange, the price of copper has hit a new record high of just above $11,350 U.S. per ton.

The all-time high comes amid the largest increase in orders for copper since 2013. Analysts say demand for copper is surging due to a worldwide surge in infrastructure projects.

Demand for copper is also rising due to the boom in artificial intelligence (A.I.) data centres, particularly in the U.S. and China.

So far in 2025, the price of copper is up 33.5% and pacing for one of its best yearly performances ever.

The price of copper is also getting a boost from global supply shortages and increased demand related to the green energy transition.

Copper is used in many renewable energy technologies, including solar panels and wind turbines, further boosting demand for the red metal.

Many analysts on Wall Street forecast that the bull run in copper will continue into 2026 as supplies remain tight and demand continues to be strong.

Swiss bank UBS (NYSE: $UBS) and German lender Deutsche Bank (NYSE: $DB) have each raised their price targets on copper heading into the new year.

UBS now forecasts that copper's price will reach a record $13,000 U.S. a ton by the end of 2026.

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