If you’re looking for the finest tools to access commodity rates, we’ll go through three alternatives to Bloomberg in this post.
Commodities are, without a doubt, the raw materials for the services and items we consume daily. Subcategories of these elements include agriculture, energy, metals, and soft materials. This category includes items such as sugar and coffee, which cannot be stored for lengthy periods. These are just a handful of the asset classes that profit from greater inflation. When the demand for commodities rises, so does the price of goods and, as a result, raw materials.
Sugar cane was the world’s largest most produced food commodity in 2019, followed by corn and wheat. The previous year was unlike any other in recent memory. The coronavirus epidemic has thrown the commodities business into disarray, disrupting supply lines and reducing demand.
The performance of the commodities sector has varied, with some, like metals and agriculture, seeing repercussions that are expected to be short-lived until the economy begins to recover. In others, the pandemic’s aftermath may have longer-term consequences, since the COVID-19 has highlighted underlying flaws or the need for structural reform.
Because the international stock market is influenced by a variety of factors, some commodities may underperform. Based on the commodity and its performance, political and economic factors may potentially pose a danger to investors. APIs are available to extract useful information regarding rates and prices for a variety of commodities.
Commodities-API
It is a commodities spot rates API. To begin with, www.commodities-api.com is always the finest option. This is a website where you can keep track of the prices of various products. Then you’ll be able to predict rates properly and convert them to your selected currency. This web API provides precise rate data in a variety of currencies for a wide range of commodities. Commodities-API originated as a modest, minimalist Open-Source API for financial organizations’ historical and current commodity pricing.
The API is very accurate in terms of data provided and it is updated every moment. It is based on a solid back-end architecture that ensures response speeds of less than 50 milliseconds for defined API queries.
Trading Economics
Trading Economics provides live big quantities of information for exchange rates, stock market indexes, share prices, commodity prices, and debt securities. The fundamental financials of thousands of businesses are also available. It’s written in a variety of programming languages. This API may be used to retrieve real-time quotations from the international stock exchange, download millions of rows of historical data, and query an earnings calendar.
Commo-Prices
This API provides you with access to the prices and values of over 10,000 commodities and indexes. Based on the source, the information could be published digitally, weekly, or monthly. The more fluid a market, the more data there is.
You may obtain the data by going to www.api.commoprices.com and searching for the commodity of interest. They utilize HTTPS to encrypt requests between your browser and their servers for privacy reasons.