Why are Commodities APIs useful for developers? Today we’ll bring to you the 3 best commodities-APIs for developers. But before we answer that, let’s chat about what a commodities rates API actually is.
What is a commodities rates API?
In a nutshell, this type of API provides real-time data on various commodities, their prices, and other information. Commodities are agricultural and raw materials traded in international markets. These include crops such as wheat, corn, soybeans, and sugar, base metals such as copper and gold, precious metals like platinum and silver, and energy products such as natural gas and heating oil. As far as real-time data is concerned, the commodities rates API responds right away to user requests instead of providing the needed information after some time has passed.
Why are they useful to developers?
Commodities rates APIs can be quite useful for developers. These APIs allow developers to create their own commodities trading software by accessing all sorts of real-time and historical financial data. In this article, we’re going to look at 3 of the best commodities rates APIs for developers and detail them like never before.
Commodities rate APIs are used by software developers to integrate commodity pricing information into applications and websites. While many websites track the prices of commodities, some do not provide the commodity pricing data in a machine-readable format. You, as a developer, may want to include commodities like gold, oil, or stock quotes in your site. A commodities rates API reduces your development time by providing the function to get commodity data.
Commodities-API
Commodities-API is a free public API that offers commodity prices for a variety of commodities, including coffee, rice, sugar, and wheat.
To obtain the information, first log in to the website, obtain an API key, and then select the desired currency and commodity. That’s all there is to it, and you may use the API in any manner you like. It can deliver data from a list of over 170 possibilities, with a precision of 2 decimal points. Every month, you may obtain 60-second data updates and conduct 100.000 API requests.
Currency and commodity prices are converted using the same API endpoints. They may convert any amount from one currency to another, as well as from one commodity to another and from any currency to any currency. For all commodities and currency rates, the API delivers midpoint data. They calculate Midpoint rates using the average median rate of Bid and Ask during a certain time period.
Barchart
Barchart was one of the first websites to provide data on commodities and futures markets. Is a global financial technology leader that provides market data and services to the financial, media, and commodities industries.
Barchart’s unique data, software, and technology solutions power its varied client base’s operations from front to back office, while its media brands give financial and commodities professionals with web content, news, and magazines to assist them in making decisions.
Furthermore, Barchart has direct access to the markets it covers, which include stocks, futures, options, indices, and foreign exchange, as well as dozens of news providers and other data sources. Two data-driven analytical tools, Barchart Opinion and Traders Cheat Sheet, can help you improve your trade management and success.
CommoPrices
This API provides access to prices and values for over 10,000 commodities and indices. The data may be updated daily, weekly, or monthly, depending on the source. The more liquid the market, the more frequent the data.
So, you may access the information by going to www.api.commoprices.com and searching for the commodity you want. They utilize HTTPS to encrypt requests between your browser and their servers for security reasons.
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