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Gold/Mining/Energy : Manhattan Minerals (MAN.T)

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To: mineman who wrote (2719)	6/30/1999 10:42:00 AM
From: Gerald Walls	of 4504

So with copper at $.65/pound You need to quit using $0.65. This morning Phelps Dodge announced that they were restructuring and reducing copper production by 68,000 tons. The talking heads said that copper prices have reacted favorably this morning. According to a Yahoo story about it: The copper market responded almost immediately to the news, with the benchmark London Metal Exchange three-month price skyrocketing as much as $90, or 5.7 percent, to $1,655 a ton, the highest level in nearly nine months. According to another story, this is up $100 from the previous close. Yet another has this quote: Phelps said it would temporarily close its Hidalgo smelter in New Mexico and a portion of the Morenci mining complex in Arizona, and cut 50 percent of its El Paso refinery output. ''This is not a short-term price blip. I can see $1,700 in the next few hours,'' one seasoned copper dealer said.

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