If you’re looking for the finest tools to get commodity rates, we’ll go through alternatives for Trading Economics in this post.
Commodities are, without a doubt, the raw materials for the services and items we consume daily. These elements are divided into subcategories such as agriculture, energy, metals, and soft materials. This category involves things like sugar and coffee, which cannot be stored for lengthy periods. These are among the few asset classes that gain from rising inflation. When the demand for commodities rises, the price of goods and, as a result, raw materials rise as well.
China is the largest food producer, importer, and consumer in the world. China also boasts the largest food workforce in the world, with some estimates putting the figure at 315 million workers. Brazil, India, and the United States are the next largest producers.
Certain commodities may underperform because the worldwide stock market is influenced by a variety of factors. Depending on the product and its activity, macroeconomic factors may potentially pose a danger to investors. APIs are available to extract useful data regarding rates and prices for many goods.
Commodities-API
Primarily, the greatest option is www.commodities-api.com. This is a website on which you can keep track of the prices of various products. After that, you’ll be able to predict rates precisely and convert them to your selected currency. This web API provides precise rate data for a wide number of items in several currencies. Commodities-API started as a modest, minimalist Open-Source API for financial institutions’ historical and current commodity pricing.
The API can provide real-time commodities data with a two-decimal point precision and a refresh rate of every 60 seconds. It is based on a solid back-end infrastructure that ensures response speeds of less than 50 milliseconds for specified API queries.
Barchart
Get the commodity prices you want, when you want them, and have them delivered right now. These generic information APIs are simple to use, versatile, and on-demand. Nowadays, the API is quick, versatile, and simple to incorporate into your workflow.
CommoPrices
This API allows you access to the prices and values of over 10,000 commodities and indexes. The data may be released electronically, weekly, or monthly, depending on the source. Additional reports are provided the more liquid a market is. You can access the information by going to www.api.commoprices.com and searching for the commodity you want. They encrypt queries between your browser and their servers using HTTPS for privacy reasons.