Do you want to know about IMF primary commodities and how to use an API for obtaining their rates? If so, here is an introduction to them!
As you may know, commodities are a type of asset that can be used for future production (for example, coal). They have no intrinsic value themselves but derive their worth from their use in other industries. They are usually bought and sold in large quantities so they tend to be traded on futures exchanges.
Now, the International Monetary Fund (IMF) is an international organization that deals with financial and monetary issues to help the countries that are underdeveloped. It was created in 1945, after the Second World War, by the G20 countries. The IMF aims at ensuring global stability and promoting international trade by providing loans to countries that are experiencing problems with their economy or currency. Thus, IMF primary commodities are a very broad category of goods that can be traded on the open market. The term covers all raw materials, including agricultural products, livestock and minerals.
The price of commodity futures contracts tends to rise when there is an increased demand for them. This can be due to an increase in supply, or a decrease in demand for the product. That is why, is important to keep track on these changes, and the best way to do so is by using a commodities prices API.
How Can A Commodity Prices API Help You Obtain Rates?
An API, or application programming interface, enables communication between two softwares; so they can request and retrieve data in a matter of seconds. Thus, since it compiles precise commodity data from numerous reliable sources, an API for commodities prices can quickly offer you their rates.
This kind of tool is the best way to get a specific piece of data, but you need to know which web service has the finest API. This is because not all Internet-based APIs are trustworthy. For this reason, we suggest using Commodities-API, a reputable API with more than six years of market experience. This one gathers commodities data from over 15 trustworthy financial sources, (including IMF); which makes it the first choice of both businesses and investors looking for spot prices on primary commodities.
How To Use This API To Obtain Primary Comoddities Rates
- In order to use Commodities-API, you must have an API key; but don’t worry, obtaining one is simple and no-cost at all! To receive one, simply register at Commodities-API. You can use this unique string of numbers and letters to access this API. You can also select the plan you want to use at this time. Three alternative options are available from Commodities-API: beginning (no-cost), basic, and professional.
- Authorize your API key before using it to make any API calls. Just make sure your bearer token is in the permission header. You will then be prepared to make API calls.
- Select the currency you wish to use in order to view your pricing, followed by the commodity symbol you desire (for example it can be coffee, coal, oil, etc).Keep in mind that there are 170 different currencies available on Commodities-API!
- When you’ve finished the aforementioned steps, call the API and wait a little bit!
If you want to learn more about Commodities-API, visit its website by clicking here.
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