"Phelps Dodge Corp. the world's second biggest copper miner, said on Tuesday it expected molybdenum supply/demand fundamentals to remain strong in 2006 with production down and demand growth up, and a balanced market or a small supply/demand surplus in 2007.

"We expect some moderation in price next year from current levels, but if the Huludao production is further delayed or limited, then we would expect the price to remain close to 2006 levels," said Higgins."

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