In this post, you will find the best alternatives to Trading Economics for rhodium prices.
Although there is a lot of talk about them in the metals market today, you may have heard of Rhodium. This is probably because it has a very important role in the gasoline catalysts of various vehicles.
This decreases toxic emissions from this industry. That is why it is widely used in the automotive industry as it wants to advance to a reduction in carbon emissions. And using larger amounts of this metal can make it possible to achieve these environmental goals.
For all these features, rhodium experienced a 265% growth in its price in the last couple of years. Many metals market analysts believe that it may continue to rise. On the other side, South Africa, the metal’s major producer, is anticipated to continue reducing output.
As a result, the market supply of rhodium will decline while demand will rise. Because the rhodium market has shown to be exceedingly volatile, there is a significant amount of uncertainty.
Because it is a highly good conductor of electricity, this precious metal, which is extremely uncommon in the world, has a variety of economic applications. It is highly regarded in general because it improves the hardness of other elements, which is why it is employed in combinations with platinum or palladium to obtain great corrosion resistance.
It is in high demand in the electronics sector, and because it is reflective, it is also utilized in some optical equipment and mirrors. Rhodium is produced as a byproduct of various mining operations. It is a by-product of platinum in South Africa, which accounts for 80% of output, and nickel in Russia, the second greatest producer of rhodium.
Use An API
You see how important this metal is for various industries and the enormous demand it has. This generates many variations in its value. In addition, this implies that there are millions of people following rhodium spot and futures contracts at the same time. In this sense, it is necessary to consult an API that can transmit updated rhodium prices.
Currently one of the most famous is Trading Economics. However, many programmers have noticed difficulty in using it since it does not have enough documentation. For this reason, here we present three API options so that you can easily incorporate the most complete information about rhodium.
Metals-API
Metals-API is one of the most complete you will find online. It will provide you with fluctuation data, real-time values, and historical rates. Not only that. You can see the prices of different markets in the world. That is why it is a COMEX/NYMEX Rates API and an LBMA rates API.
It works in countless programming languages so you won’t have any difficulty incorporating the documentation into your website or app. You can also obtain the values in different international currencies and also compare them with other metals.
API.Metals.LIVE
API.Metals.LIVE also has different metal prices. Every time the markets open their doors, the API is updated with all the necessary prices. You can find the most diverse metals and also other types of products such as natural resources.
You can find past rates up to 24 hours ago. It has various plans that you can start testing. You can make thousands of requests per month, although it is subject to change. You can incorporate the API into your project right now.
MetalPriceAPI
MetalPriceAPI will provide you with all Foreign information in real-time. You can also see historical rates. In addition, the API compares its prices and that of other APIs so you can see the accuracy.
You have different plans that allow you to make from one request per month to millions of requests per day even if you don’t believe it. It takes its information from various financial authorities of metals around the world with which you can trust the data very well.