-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 N1Hz+7C00fqi0yTfwYuylGkfptkEfBBe8lM96uO7Y59LHRT/Sw4S1SD/G2TZViDC
 yXNasApYhmJYMapwXaYppw==

<SEC-DOCUMENT>0001209191-03-028542.txt : 20031104
<SEC-HEADER>0001209191-03-028542.hdr.sgml : 20031104
<ACCEPTANCE-DATETIME>20031104211108
ACCESSION NUMBER:		0001209191-03-028542
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031031
FILED AS OF DATE:		20031104

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			COLTON S DAVID
		CENTRAL INDEX KEY:			0001192039

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00082
		FILM NUMBER:		03977741

	MAIL ADDRESS:	
		STREET 1:		511 ARROYO SQ
		CITY:			SOUTH PASADENA
		STATE:			CA
		ZIP:			91030

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHELPS DODGE CORP
		CENTRAL INDEX KEY:			0000078066
		STANDARD INDUSTRIAL CLASSIFICATION:	PRIMARY SMELTING & REFINING OF NONFERROUS METALS [3330]
		IRS NUMBER:				131808503
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE NORTH CENTRAL AVE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-3089
		BUSINESS PHONE:		6022348100

	MAIL ADDRESS:	
		STREET 1:		ONE NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-3089
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
<FILENAME>bpx68429_bpx1sdc4.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
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<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-10-31</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000078066</issuerCik><issuerName>PHELPS DODGE CORP</issuerName>        <issuerTradingSymbol>PD</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001192039</rptOwnerCik><rptOwnerName>COLTON S DAVID</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>C/O PHELPS DODGE CORPORATION</rptOwnerStreet1><rptOwnerStreet2>ONE NORTH CENTRAL AVENUE</rptOwnerStreet2><rptOwnerCity>PHOENIX</rptOwnerCity><rptOwnerState>AZ</rptOwnerState><rptOwnerZipCode>85004</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Senior VP and General Counsel</officerTitle></reportingOwnerR
elationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Shares</value><footnoteId id="F1" /></securityTitle><transactionDate><value>2003-10-31</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1167</value></transactionShares><transactionPricePerShare><value>44.1875</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1167</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Shares</value><footnoteId id="F2" /></securityTitle><transactionDa
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pirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>11666</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>11666</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Employee Stock Options/Rights to Purchase</value><footnoteId id="F10" /></securityTitle><conversionOrExercisePrice><value>40.6050</value></conversionOrExercisePrice><transactionDate><value>2003-10-31</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>7133</value></transactionShares><transactionPricePerShare><value>40.6050</
value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2003-07-03</value></exerciseDate><expirationDate><value>2012-07-03</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>7133</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>7133</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction><derivativeHolding><securityTitle><value>Employee Stock Options/Rights to Purchase</value></securityTitle><conversionOrExercisePrice><footnoteId id="F11" /></conversionOrExercisePrice><exerciseDate><footnoteId id="F12" /></exerciseDate><expirationDate><footnoteId id="F12" /></expirationDate><underlyingSecurity><unde
rlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>143701</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>143701</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding></derivativeTable><footnotes><footnote id="F1">Exercise of employee stock options pursuant to the 1993 and 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plans, and include the right to have shares withheld in satisfaction of State and Federal Tax withholding obligations.</footnote><footnote id="F2">Sale of shares following exercise of employee stock options.  Exercise of employee stock options pursuant to the 1993 and 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plans, and include the right to have shares withheld in satisfaction of State and Feder
al Tax withholding obligations.</footnote><footnote id="F3">Exercise of employee stock options pursuant to the 1993 and 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plans, and include the right to have shares withheld in satisfaction of State and Federal Tax withholding obligations.</footnote><footnote id="F4">Sale of shares following exercise of employee stock options.  Exercise of employee stock options pursuant to the 1993 and 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plans, and include the right to have shares withheld in satisfaction of State and Federal Tax withholding obligations.</footnote><footnote id="F5">Exercise of employee stock options pursuant to the 1993 and 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plans, and include the right to have shares withheld in satisfaction of State and Federal Tax withholding obligations.</footnote><footnote id="F6">Sale of shares following exercise of employee stock options.  Exercise of employee stock
 options pursuant to the 1993 and 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plans, and include the right to have shares withheld in satisfaction of State and Federal Tax withholding obligations.</footnote><footnote id="F7">Since the date of the reporting person's last ownership report, 4,326.3095 shares were transferred from the Phelps Dodge Corporation Employee Savings Plans to teh reporting person's former spouse, pursuant to a Domestic Relations Order.</footnote><footnote id="F8">Exercise of employee stock options pursuant to the 1993 and 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plans, and include the right to have shares withheld in satisfaction of State and Federal Tax withholding obligations.</footnote><footnote id="F9">Exercise of employee stock options pursuant to the 1993 and 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plans, and include the right to have shares withheld in satisfaction of State and Federal Tax withholding obligations.
</footnote><footnote id="F10">Exercise of employee stock options pursuant to the 1993 and 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plans, and include the right to have shares withheld in satisfaction of State and Federal Tax withholding obligations.</footnote><footnote id="F11">Total number of options awarded which have not been exercised pursuant to the Phelps Dodge Corporations Stock Option and Restricted Share Plans.</footnote><footnote id="F12">These options are exercisable at various dates and expire ten years from the date of grant.</footnote></footnotes><ownerSignature><signatureName> / s / J. Dale Brunk, Attorney-in-fact for S. David Colton</signatureName><signatureDate>2003-11-04</signatureDate></ownerSignature></ownershipDocument>

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</DOCUMENT>
</SEC-DOCUMENT>
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