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NEW YORK ( TheStreet) -- Methanex Corporation (Nasdaq: MEOH) hit a new 52-week high Wednesday as it traded at $31.49 compared with its previous 52-Week high of $31.45. Methanex is changing hands at $31.43 with 121,666 shares traded as of 12 p.m. ET. Average volume has been 421,200 shares over the past 30 days. Methanex has a market cap of $2.8 billion and is part of the basic materials sector and chemicals industry. Shares are up 1.4% year to date as of the close of trading on Tuesday. Methanex Corporation produces, markets, and supplies methanol that is used to make a range of industrial, consumer, and energy products. It also sources methanol produced by others. The company has a P/E ratio of 27.9, equal to the average chemicals industry P/E ratio and above the S&P 500 P/E ratio of 16.1.