Supply and Demand: High demand relative to supply drives prices up; increased supply versus demand lowers prices.

Aluminum Prices: As the underlying commodity, aluminum's market price has a direct impact. Higher aluminum prices increase the ETF's value.

Exchange Rates: Currency fluctuations impact the price as aluminum is often priced in USD; changes in GBP/USD affect the ETF.

Investor Sentiment: Positive outlook on aluminum's future drives investment, increasing prices; pessimism decreases prices.

Global Economic Growth: Stronger economic growth increases demand for aluminum in industries, impacting prices positively.

Production Costs: Changes in bauxite mining, refining, and smelting costs impact aluminum prices and therefore the ETF.

Inventory Levels: High aluminum inventory can lower prices, while low inventory can increase them, impacting the ETF.

Geopolitical Factors: Political instability in aluminum-producing countries can affect supply and prices, indirectly affecting the ETF.