Commodity Prices: Base metals prices, primarily copper, as XMET.AU invests in companies involved in copper production. Higher copper prices typically increase the value of these holdings. Market Sentiment: Overall investor confidence and risk appetite for resources stocks. Positive sentiment can drive demand and push the ETF price higher. Australian Dollar: Fluctuations in the AUD against other currencies, particularly the USD, since copper is priced in USD. A weaker AUD can benefit Australian copper producers. Company Performance: The financial performance of the underlying companies held within the XMET.AU portfolio. Strong earnings reports and positive news can boost the ETF's value. Supply and Demand: General ETF supply and demand dynamics, influenced by factors like investor inflows and outflows. High demand generally increases price. Global Economic Growth: Global economic activity, especially industrial production, which drives copper demand. Strong growth typically supports higher metal prices.