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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 w0E0xEEDc3+Laslm/wae6w==

<SEC-DOCUMENT>0001209191-03-029105.txt : 20031106
<SEC-HEADER>0001209191-03-029105.hdr.sgml : 20031106
<ACCEPTANCE-DATETIME>20031106214716
ACCESSION NUMBER:		0001209191-03-029105
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031105
FILED AS OF DATE:		20031106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BERRESSE JAMES P
		CENTRAL INDEX KEY:			0001269282

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00082
		FILM NUMBER:		03983527

	BUSINESS ADDRESS:	
		STREET 1:		ONE NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6023668199

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_bpx9jpb4.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-11-05</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000078066</issuerCik><issuerName>PHELPS DODGE CORP</issuerName>        <issuerTradingSymbol>PD</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001269282</rptOwnerCik><rptOwnerName>BERRESSE JAMES P</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>President, CCC</officerTitle></reportingOwnerRelationship><
/reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-11-05</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>3960</value></transactionShares><transactionPricePerShare><value>34.6700</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>3960</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Shares</value></securityTitle><transactionDate><value>2003-11-05</value></trans
actionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F2" /></transactionCoding><transactionAmounts><transactionShares><value>2960</value></transactionShares><transactionPricePerShare><value>62.7284</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>11512</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Employee Stock Option/Rights to Purchase</value></securityTitle><conversionOrExercisePrice><value>34.6700</value></conversionOrExercisePrice><transactionDate><value>2003-11-05</value></transactionDate><transactionCoding>
<transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>3960</value></transactionShares><transactionPricePerShare><value>34.6700</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</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>3960</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>46454</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><fo
otnote 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">Same day sale of shares acquired upon 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 use shares to satisfy federal and state withholding taxes.</footnote></footnotes><ownerSignature><signatureName> / s / J. Dale Brunk, Attorney-in-fact for James P. Berresse</signatureName><signatureDate>2003-11-06</signatureDate></ownerSignature></ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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