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.
Image source: Getty Images
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%.
