Mar 13, 2012 (Dow Jones) -- SANTIAGO (Dow Jones) -- The global copper market will remain tight this year, which will keep prices relatively strong, the chief executive of Chilean state copper company giant Codelco said Tuesday.

Although volatile, copper prices so far this year have hovered around $3.70 to $3.90 a pound, after averaging $4.00 a pound in 2011, according to state copper commission Cochilco's market data.

"We're optimistic about the price of copper this year precisely because there's a tight supply and demand outlook, similar to the one last year," Codelco Chief Executive Diego Hernandez told reporters on the sidelines of a ceremony at a public hospital.