Chile Codelco CEO Remains Optimistic On Copper Prices -Report

SANTIAGO, Aug 12, 2011 (Dow Jones) -- Chilean state copper giant Corporacion Nacional del Cobre remains optimistic copper prices will hold at current levels despite market volatility, La Tercera newspaper reported on its website Friday, citing the company's chief executive.

Codelco, as the state company is known, produces aroung 1.7 million metric tons of copper a year, equivalent to around 11% of annual global supply.

"Although prices fell, they've held above $4 a pound so we expect for prices to hold at current levels through the end of the year," Hernandez told reporters at the Sewell camp inside the El Teniente mining compound.

According to state copper commision Cochilco's recent poll of mining analysts, copper will likely fetch an average $4.30 a pound this year. In 2010, copper averaged $3.42/lb.