Silver Prices Retreat from Highs, Investment Demand Temporarily Cools, Spot Premiums Continue to Decline [SMM Daily Review]

Domestic silver prices came under pressure and pulled back, influenced by US President Donald Trump's decision to temporarily suspend new tariffs on key mineral imports, while premiums in the domestic spot market continued to decline. In Shanghai, suppliers of large-plant silver ingots lowered their premiums against TD to 120-150 yuan/kg; some suppliers, facing margin pressure, sold off small quantities at reduced premiums of 100-120 yuan/kg against TD. Trading in Shenzhen was sluggish on both sides, and after investment demand noticeably weakened, some suppliers held back from selling and adopted a wait-and-see approach, leading to a relatively limited decline in spot market premiums. In Henan and Shandong, producers maintained sales at a premium of 100 yuan/kg against TD for cargoes self-picked up from production sites, but circulating supply in the market remained tight. Market transactions were primarily driven by downstream customers' rigid demand for stockpiling. As silver prices weakened, buying the dip activity recovered moderately, and trading was moderate.