September 7, 1984

Among the Finger Lakes here, along the tree- shaded shore of Keuka Lake, there is finally a feeling of optimism these days about the future of Keuka College. As recently as last fall, the small woman's liberal arts college, which spreads over 173 grassy acres near the northern tip of the lake, was foundering amid a mushrooming debt and an accelerating decline in enrollment. There was, it was widely thought, little life left at Keuka. So rampant were doubts about the 96-year-old college's future that many faculty members - who were ''in open revolt'' against the previous president, according to one administrator - began looking for new positions. For the first time in a decade, enrollment had dropped more than 10 percent under the year before.

President Reagan today rejected a petition by United States copper producers for protection from imports. His decision came despite a Government agency's earlier recommendation that the domestic industry was being hurt by imports and was entitled to protection. The action was announced by the United States trade representative, Bill Brock, who said it should ''encourage our partners around the world to resist protectionist acts.'' He said it should help such heavily indebted copper-producing countries as Chile, Zaire, Zambia and Peru, whose export earnings might otherwise be reduced.

''The religion clauses of the First Amendment do not need to be fixed; they need to be followed.''

Brief profiles of Gov. Martha Layne Collins of Kentucky on June 30 and July 16 misidentified her birthplace. It is Bagdad, Ky.

International Import protection for copper producers was rejected by President Reagan, despite an early recommendation by a Government agency favoring such a move. One trade official said the action should help heavily indebted copper-producing countries, whose export earnings might otherwise be reduced. The main reason for denying protection, however, was that it would have raised U.S. prices for makers of products that contain copper. (Page A1.) Citicorp has insured itself against loan payment delays by certain financially troubled developing countries with a $900 million policy. It is believed to be the first time a bank had resorted to private insurance on loans to a specific country. (D1.)