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To: Mark Adams who wrote (110282)	6/26/2001 5:56:03 PM
From: Mark Adams	Respond to of 436258

Phelps Dodge sees wider Q2 loss on lower copper prices New York, June 26 (BridgeNews) - Lower copper prices forced Phelps Dodge Corp., one of the world's largest producers of the metal, to warn that losses in the second quarter will be bigger than expected. The Phoenix-based company expects to post operating losses between $1.28 and $1.38 per share. Analysts polled by Thomson Financial/First Call had forecast a loss of 27 cents per share. Phelps Dodge also revised its outlook on copper prices for 2001. The company expects copper prices on New York Commodity Exchange (COMEX) to average 75 cents to 80 cents a pound this year, down from its earlier estimate of 80 cents to 85 cents. It said the average COMEX copper price in the second quarter will be about 75 cents a pound. [no position]