The SPDR S & P Metals & Mining ETF is trading at its highest level in more than a decade as Russia's war in Ukraine sends commodity prices surging. Russia is a key producer and supplier, and fears over supply disruptions in already tight markets has roiled the energy, metals and mining markets. SPDR's Metals & mining fund traded at the highest level since August 2011 on Wednesday, and is now up nearly 40% for the year. Here are some of the top performers: Coal companies Peabody Energy and Alpha Metallurgical Resources are the fund's top-performing stocks this year, surging 158% and 116%, respectively. Coal topped $460 per ton earlier in March and could cross $500 this year, according to data from Rystad Energy. The firm noted that Russia is the largest supplier of thermal coal to Europe. With oil and gas prices spiking, businesses are turning to coal instead. Other coal names in the fund include Arch Resources and Consol Energy , both of which are up more than 65% for the year. And it's not just coal that's rising. Aluminum prices rose to a record high earlier in March, boosting shares of aluminum-focused companies. Russia accounts for 6% of global aluminum supply, according to data from Bank of America. Demand has bounced back as the world emerges from the shadow of the pandemic, while supply has remained constrained. European producers had already scaled back output prior to Russia's invasion. The industry requires a lot of energy, and with oil and gas prices already elevated, some production went offline. All of which means the market was already tight. Some aluminum-focused companies in the SPDR fund are Century Aluminum and Alcoa , which are up 76% and 58% for the year, respectively. Bank of America reinstated coverage on Alcoa Corporation in March, giving the company a buy rating. "We are bullish aluminum on capped Chinese supply, reluctance to add capacity ex-China, and supply headwinds in Europe on high energy costs," the firm said in a March 16 note to clients. When it comes to Alcoa specifically, Bank of America said the company's vertically integrated model is attractive, while the stock trades at a discount relative to peers. The SPDR fund also holds companies that mine raw materials vital for cleaner energy resources, including Uranium Energy , Piedmont Lithium and MP Materials.
Aerial view of coal mining machines working at an open-pit coal mine on October 19, 2021 in Ordos, Inner Mongolia, China.
Wang Zheng | Visual China Group | Getty Images
The SPDR S&P Metals & Mining ETF is trading at its highest level in more than a decade as Russia's war in Ukraine sends commodity prices surging.