ASX mining shares on fire! New 52-week highs today

The ASX 200 materials sector is leading the market on Tuesday, up by more than 500 points in the first half of the day.

The S&P/ASX 200 Materials Index (ASX: XMJ) rose 2.3% to hit an eight-year high of 22,523.1 points this morning.

The materials sector is a long way out in front of the other 10 market sectors. The second best performer is real estate, up 0.9%.

A slew of ASX mining shares have also reset their 52-week highs today as commodity values continue to spike.

Meanwhile, the benchmark S&P/ASX 200 Index (ASX: XJO) is up 0.92% after a strong night on Wall Street.

The S&P 500 Index (SP: INX) hit a new record of 6,986.33 points last night, and finished 0.16% higher for the session.

The Dow Jones Industrial Average Index (DJX: .DJI), which tracks 30 selected S&P 500 stocks, also hit a record 49,633.35 points.

Surging commodity values continue to push ASX mining shares higher.

Let's take a look.

Commodity prices just keep going…

The hottest commodity on the global market right now, silver, is up 0.37% to US$84.24 per ounce at the time of writing.

The silver price has risen an astounding 30% in just one month and is up 181% year over year.

The lithium carbonate price leapt 8.6% in overnight trading to US$21,797.74 per tonne.

The commodity has surged 60% over the past month and has doubled year over year.

The aluminium price rose 1.3% overnight to US$3,189.8 per tonne. That's an 11% monthly gain and a 24% increase over 12 months.

The iron ore price rose 0.2% to US$108.25 per tonne. Iron ore is up 2% over the past month and almost 10% over 12 months.

The gold price is down 0.25% at US$4,586 per ounce, but up 6.5% over the month and 72% year over year.

The copper price is 1% lower at US$5.93 per pound. Copper futures are up 11% over the month and 38% year over year.

The red metal hit a record above US$6 per pound last week.

Let's check out the impact on ASX mining shares today.

ASX mining shares smashing 52-week highs today

ASX 200 iron ore and lithium miner Mineral Resources Ltd (ASX: MIN) rose 2.8% to a 52-week high of $60.20.

The market's largest pure-play copper share, Sandfire Resources Ltd (ASX: SFR), reached a 52-week peak of $19.58, up 4.4%.

The biggest pure-play lithium share, PLS Group Ltd (ASX: PLS), also hit a 52-week high of $4.92, up 3.1%.

Liontown Ltd (ASX: LTR) shares rose 4.2% to $2.24, and IGO Ltd (ASX: IGO) lifted 1.2% to $9.02 — both new 52-week highs.

The Elevra Lithium Ltd (ASX: ELV) share price ripped 11.6% to a 52-week high of $10.19.

ASX 200 diversified miner South32 Ltd (ASX: S32) hit a 52-week high of $4.04 per share, up 3.6%.

Unico Silver Ltd (ASX: USL) shares ripped 6.6% to a 52-week high of $1.13.

ASX 200 gold share Newmont Corporation CDI (ASX: NEM) lifted 0.8% to a record high of $167.99.

The Resolute Mining Ltd (ASX: RSG) share price rose 3.8% to a 52-week peak of $1.35.

Ramelius Resources Ltd (ASX: RMS) shares surged 3% to a record $4.52.

Gold and copper miner, Greatland Resources Ltd (ASX: GGP) lifted 5.1% to a 52-week high of $12.58 per share.

Aluminium stock Alcoa Corporation CDI (ASX: AAI) hit a 52-week high of $98.32 per share, up 3.8%.

The post ASX mining shares on fire! New 52-week highs today appeared first on The Motley Fool Australia.

Motley Fool contributor Bronwyn Allen has positions in Alcoa and South32. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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