Markets are always changing. Investors and others who work in certain industries, for example, need both current and historical data. Even more, if we are talking about commodities.
What are they?
A commodity is a basic good used in business that may be exchanged for other similar products. Commodities are frequently utilized as raw materials in the manufacture of other items or services.
The quality of a given commodity may vary slightly from producer to producer, but it is generally consistent. Commodities must also meet set minimum requirements, commonly known as a base grade when they are traded on an exchange.
The pricing of the goods we use on a daily basis is, without a doubt, based on raw material costs. Market rates, on the other hand, fluctuate according to supply and demand swings.
Investments
Markets also have an impact on the rest of the world. Commodities investing, on the other hand, is a fantastic way to avoid inflation.
In fact, while considering this form of investment, three important benefits to investors’ projects are commonly mentioned: inflation protection, diversification, and return possibilities.
Corn, cotton, sugar, rice, crude oil, and wheat are the most common commodities to invest in.
Get the Data
Commodities-api.com is a website that allows you to keep track of the prices of a variety of commodities. Finally, you can accurately estimate prices and convert them to your preferred currency.
Commodities-API
This website collects market data prices in a variety of currencies from a variety of sources and organizations throughout the world. Commercial sources are also recommended since they better reflect market exchange rates, especially for large currencies and commodities.
Commodities-API began as a simple, minimalist Open-Source API for recent and historical commodity prices from financial institutions.
Precise
The API can deliver real-time commodities data with an accuracy of two decimal points and a frequency of 60 seconds. Commodities-API is built on a strong back-end architecture that ensures high availability and response times of less than 50 milliseconds for defined API calls.
Protected
The website uses bank-grade 256-bit SSL security to encrypt your connection.
Thousands of developers, small enterprises, and large corporations use Commodities-API on a daily basis. This API is the most popular due to its solid data sources and 6+ years of expertise.
Endpoint
There are numerous endpoints in the API, each addressing a particular use case. Get the most recent commodities rates data for all or a specific set of currencies, convert amounts from one currency to another, retrieve Time-Series data for one or multiple currencies, and query the API for daily fluctuation data are all endpoint functions.
For most currencies, historical rates are available all the way back to the year 2020. By attaching a date (format YYYY-MM-DD) to the basic URL, you can query the Commodities-API API for historical rates.
API Request for Historical Rates:
https://commodities-api.com/api/2013-12-24 ? access_key = API_KEY & base = GBP & symbols = USD,CAD,EUR
API Response:
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "GBP",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}
Also published on Medium.