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February 6th, Futures News – According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed slightly lower on Thursday, with the benchmark contract essentially flat, mainly dragged down by a decline in international crude oil prices and weak export sales data. Traders said the decline in international crude oil futures unlocked arbitrage opportunities in the soybean oil/soybean meal trade, and weak soybean oil export sales data put pressure on the soybean oil market. However, the clarification of the US biofuel blending policy and a bright demand outlook limited the downside potential for soybean oil. The US Department of Agricultures weekly export sales report showed that for the week ending January 29, 2026, net sales of US soybean oil for the 2025/26 marketing year were 1,000 tons, down 96% from the previous week and 95% from the four-week average.February 6th - A CICC research report states that while the Federal Reserve may find it difficult to "shrink" its balance sheet in the short term, the threshold for continued "balance sheet expansion" and QE has clearly risen. If the Fed is unwilling to support fiscal easing through "balance sheet expansion," a new temporary monetary-fiscal coordination approach might be for the Fed to increase interest rate cuts and the Treasury to increase short-term debt issuance, first promoting financial deregulation, and then initiating the "balance sheet reduction" process. The Feds final interest rate cuts may exceed market expectations, and the dollar easing trade may return in the short term. A steepening US Treasury yield curve coupled with financial deregulation is beneficial to US bank stocks. The Fed may determine the end of the gold bull market, but this turning point has not yet arrived. Chinese stocks and global commodities are only temporarily under pressure, awaiting the return of easing expectations.Reserve Bank of Australia Governor Bullock: The risks are more skewed toward inflation, and we are responding to that.Reserve Bank of Australia Governor Bullock: Inflation is slightly high and has some stickiness.Reserve Bank of Australia Governor Bullock: The labor market is still performing very well, which is good news.

Indian Government Reduces Tax on Fuel, Key Commodities To Battle Inflation

Charlie Brooks

May 23, 2022 09:52

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India on Saturday announced a series of modifications to the tax system charged on vital commodities in an attempt to buffer customers from rising prices amid high inflation.


Finance Minister Nirmala Sitharaman announced a drop in excise duty on petrol by 8 rupees ($0.1028) per liter, and 6 rupees per liter on diesel.


The new tax policy on fuel and diesel could result in a loss of around 1 trillion Indian rupees to the government in annual revenue due to the decreased collection, she stated in a series of tweets.


The government also reduced the import duty on anthracite, PCI coal and coking coal in an attempt to cut raw material costs for local market demand.


The latest measures will be effective from May 22, the government stated in a notification after the announcement by Sitharaman, who also asked state governments to follow suit with comparable reductions on fuel costs keeping in line with federal plans.


A liter of petrol currently costs 105.41 rupees, while diesel is at 96.67 rupees in New Delhi.


The government would also pay a supplementary subsidy of 200 rupees per cooking gas cylinder to approximately 90 million people under a welfare scheme launched for women below the poverty line.


The subsidy will have an annual income implication of about 61 billion Indian rupees, Sitharaman said.


"Prime Minister Narendra Modi has expressly requested all arms of the government to work with sensitivity and give relief to the common man," she said.


The government was also attempting to minimize taxes on raw materials for plastic items to lower down the cost of final products.


Experts said the recent steps will likely increase fiscal problems and create uncertainties about the government attaining its deficit target of 6.4 percent of GDP for 2022-23.



But inflation has become a huge concern for Modi's government ahead of elections to many Indian state assemblies this year.


A substantial surge in inflation meant input costs rose for businesses.


The rise forced the central bank to hike interest rates during an unexpected policy meeting this month.


"Today's decisions, notably the one relating to a major drop in fuel and diesel prices, will positively impact many industries, offer relief to our folks," Modi wrote on Twitter (NYSE:TWTR) (NYSE:TWTR). "It is always people first for us!"

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