Phelps Dodge Raises Estimate of Global Copper Supply Deficit
By Claudia Carpenter
Oct. 28 (Bloomberg) -- Phelps Dodge Corp., the world's second-
biggest copper producer, raised its estimate of the global copper
supply deficit this year to 750,000 metric tons, saying demand is
growing faster than expected.
Phelps Dodge had previously expected a deficit of 650,000 to
700,000 tons, Arthur Miele, the Phoenix-based company's senior
vice president of marketing, said on a conference call with
analysts and investors. Global demand will grow faster than the
company expected, at 7 percent, outpacing a 5 percent increase in
refined supplies, he said. He didn't give the company's previous
estimate of global demand.
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