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Chile's Antofagasta sees support for copper prices of $2.40-$2.70/lb

Reuters - UK Focus

SANTIAGO, Jan 25 (Reuters) - The chief executive of Chilean mining firm Antofagasta (Other OTC: ANFGF - news) said on Wednesday that there are fundamentals to support copper prices of $2.40-$2.70 per pound.

"There are elements of support for prices between $2.40-$2.70. I don't see elements to think about prices much higher than that," CEO Ivan Arriagada said.

Copper on the London Metal Exchange jumped 18 percent in last year, its first annual rise since 2012, but a lack of clarity on China demand, which consumes half of global production, have tempered some 2017 price projections. (Reporting by Fabian Cambero; Writing Anthony Esposito)