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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,
 U/Xk65XK5rzjX3x6B2lxpjgWk//ik6GnWM6UlKUe/m9S7M0v49z+gMaSQKtYyZEC
 4Ugb/zaUzs9tA5inY37tAg==

<SEC-DOCUMENT>0001209191-03-028802.txt : 20031105
<SEC-HEADER>0001209191-03-028802.hdr.sgml : 20031105
<ACCEPTANCE-DATETIME>20031105170514
ACCESSION NUMBER:		0001209191-03-028802
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031103
FILED AS OF DATE:		20031105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PERU RAMIRO G
		CENTRAL INDEX KEY:			0001192045

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00082
		FILM NUMBER:		03980111

	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>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bpx68429_bpx4rgp4.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-11-03</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000078066</issuerCik><issuerName>PHELPS DODGE CORP</issuerName>        <issuerTradingSymbol>PD</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001192045</rptOwnerCik><rptOwnerName>PERU RAMIRO G</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 &amp; CFO</officerTitle></reportingOwnerRelationship
></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-11-03</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>18333</value></transactionShares><transactionPricePerShare><value>34.6700</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>18333</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-11-03</value></t
ransactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F2" /></transactionCoding><transactionAmounts><transactionShares><value>18333</value></transactionShares><transactionPricePerShare><value>62.5203</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-11-03</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="
F1" /></transactionCoding><transactionAmounts><transactionShares><value>11666</value></transactionShares><transactionPricePerShare><value>40.6050</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>11666</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-11-03</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F2" /></transactionCoding><transactionAmounts><transactionShares><value>11666</value></transactionShares><transactionPricePerShare><value>62.5203</value></transactionPr
icePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>54441</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Employee Stock Options/Rights to Purchase</value></securityTitle><conversionOrExercisePrice><value>34.6700</value></conversionOrExercisePrice><transactionDate><value>2003-11-03</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>18333</value></transactionShares><transactionPricePerShare><value>34.6700</value></transactionPricePerShare><transactionAcqu
iredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2002-12-05</value></exerciseDate><expirationDate><value>2011-12-05</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>18333</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>18333</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Employee Stock Options/Rights to Purchase</value></securityTitle><conversionOrExercisePrice><value>40.6050</value></conversionOrExercisePrice><transactionDate><value>2003-11-03</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolve
d>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>11666</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>11666</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>11666</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Exercise of employee stock options pursuant to the 1998 Phelps Dodge Corporation 
Stock Option and Restricted Share Plan, and include the right to use shares to satisfy federal and state withholding taxes.</footnote><footnote id="F2">Same day sale of shares acquired upon exercise of employee stock options pursuant to the Phelps Dodge Corporation 1998 Stock Option and Restricted Stock Plans, and include the right to have shares withheld to satisfy federal and state withholding taxes.</footnote></footnotes><ownerSignature><signatureName> / s / J. Dale Brunk, Attorney-in-fact for Ramiro G. Peru</signatureName><signatureDate>2003-11-05</signatureDate></ownerSignature></ownershipDocument>

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</DOCUMENT>
</SEC-DOCUMENT>
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