Overnight, driven by increased tariff uncertainty and bets on the US Fed easing monetary policy, COMEX silver rose by 2.21%, hitting a more than 4-month high of $34.68/oz during the session and breaking through the $34/oz resistance level. Today (March 14, 2025), domestic silver prices rose in early trading, with some suppliers facing hedging losses. Early spot TD quotes were mainly at a premium, but after domestic lead prices surpassed 8,300 yuan/kg, downstream buyers were cautious due to high prices, leading to reduced spot transactions by suppliers, while delivery expectations increased.