Chilean state copper giant Corporacion Nacional del Cobre is on target to produce 1.75 million metric tons of copper this year, the company's chief executive said Monday.

The output, similar to the amount of copper produced in 2010, doesn't include the company's 49% stake in the El Abra mine, operated by Freeport-McMoran Copper & Gold Inc. (FCX).

In 2010, the company produced 1.76 million tons of copper, including the copper from its El Abra stake.

As for the copper market, Diego Hernandez, chief executive of the miner known as Codelco, said that market conditions will remain volatile in the near term, but that the medium- to long-term outlook is stable.

Hernandez, speaking to foreign reporters at the start of annual gathering of the copper industry known as Cesco week in Santiago, said strong demand from China will continue to fuel high copper prices.

He noted that booming Chinese demand for the red metal has offset the decrease seen from industrialized nations following the global financial crisis.

"We don't foresee very strong demand in developed nations in coming years, rather we expect them to return to pre-crisis levels," he said.

According to the executive, consensus for longer-term copper prices is at $2.55 a pound.

"The pessimists see it at $2.10/lb while the optimists see it at around $3.00," he said, declining to say on which side of the fence he and Codelco stand.

-By Carolina Pica, Dow Jones Newswires; 56-2-715-8919; carolina.pica@dowjones.com
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