Do you want to create charts for cocoa prices? You must try to do this with an API! In this post, we’ll explain how to obtain one.
Cocoa (from Nahuátl) refers to a fruit native to the Amazon that has continuously improved the human palate. Today, the big cocoa manufacturers are not Latin American nations, but the Ivory Coast, Ghana, Indonesia, and Nigeria, which generate more than 70% of the cocoa eaten globally, even though their producers only get 4% of the earnings from a company worth 90 million euros each year.
Even though Latin America accounts for only 15% of the worldwide industry for this item, the Amazonian forests of Peru, Ecuador, and Colombia focus on the finest and most aromatic sorts of the species — from the white cacao of northern Peru to the Ecuadorian cacao above, with the designation of origin since 2009 —, and its sector has become a prototype of advancement, growth, and conservation, even though the manufacturing of fine aroma cocoa does not require a certification of origin.
Nevertheless, although the perfection of Amazonian cocoa has the potential to become a source of riches for Latin America, the reverse is occurring on the African continent. There, yearly supply vastly surpasses global demand, causing prices to collapse and producers to fail.
According to statistics, each Swiss consumes 11 kilos of chocolate per year, the US accounts for 20% of world demand, and the emerging markets of India and China will deliver millions of consumers with chocolates, soluble cocoas, and spreadable creams, but this will be bad news for African manufacturers because many of these treats contain less than 5% cocoa.
The world consumption of chocolate increases by more than 10% each year compared to the preceding year, yet the customer is ignorant that what he consumes contains very little cocoa.
As a result, the future of chocolate is dependent on the delicate and fragrant types of the Amazonian nations, such as the aforementioned from Ecuador, Creole from Colombia, chuncho from Peru, and chuao from Venezuela.
To Build Charts, Choose An API.
We’ve shown how fruitful cocoa can be all over the globe. As a result, it is critical to be cognizant of your product and its pricing. The majority of individuals monitor this work via raw materials-focused digital media. An API is required to receive this data directly and from reliable sources.
The API is a computer gateway that sends information from one device to another. You’ll need one that can supply you with actual cocoa derivatives and immediate pricing in this scenario. Commodities-API is an option since it delivers authentic data in a variety of foreign currencies.
You can quickly make visuals to interact with your viewers. You may use them to compare various data, such as cocoa pricing in Peruvian soles, dollars, euros, or African currencies. It is also possible to compare it to the pricing of other commodities.
About Commodities-API
This API provides access to the trading market. It delivers product details from all across the globe in a variety of foreign currencies. All of this latest information is available. You may also obtain past and volatility rate data.
All of these facts will help you become a better trader since you will be aware of all of the elements that impact the price of the product. It supports many endpoints. It also responds in JSON, Python, and PHP. It’s a CME group rates API.