** Australian mining sub-index .AXMM rose more than 2%, clocking its biggest daily pct gain since Dec. 10

** Sector heavyweights Rio Tinto RIO.AX and BHP BHP.AX rise 2.3% and 1.5%, respectively, to hit 2-week highs; Fortescue FMG.AX about 2% higher

** The positive overnight leads from the U.S. and new all-time highs in precious metals are contributing to the strong performance of miners, according to Junvum Kim, Asia Pacific senior sales trader with Saxo Markets

** Materials and miners sector also supported by strength in metals such as copper, which is up for third straight day MET/L

** Softer U.S. dollar is additionally helping commodity players, as a weaker dollar typically supports commodity prices, Kim added USD/

** An additional 10% tariff on Chinese imports came into effect on Tuesday, and was met with a package of retaliatory measures from China, which included stricter export regulations for tungsten and four other critical metals

(Reporting by Jasmeen Ara Shaikh in Bengaluru)

((Jasmeenaraislam.shaikh@thomsonreuters.com))