If you want to invest in palm oil, you have already known that tracking the historical and updated prices is so important. To do so, try utilizing this API.
Palm oil is a vegetable oil derived from the oil palm tree’s fruit. It’s utilized in food, cosmetics, and biofuel manufacturing. Furthermore, in 2014, palm oil accounted for about 33% of all global oils produced from oil crops.
However, there are two types of oil that can be produced: Crude palm oil and palm kernel oil. The first one is created by pressing the fleshy fruit, whereas the second oil is obtained by crushing the kernel, or the stone in the middle of the fruit. Despite the fact that Indonesia and Malaysia produce over 85% of the world’s palm oil, it is produced in 42 other nations.
Palm oil may be found in almost everything, accounting for more than half of all packaged products in supermarkets, including food, personal care products, and cleaning supplies. In some regions of the world, it’s also utilized in animal feed and as a biofuel.
If you’re interested in dealing with this type of commodity, you’ll want to stay up to date on market prices. In that sense, there is an API that may be effective in recognizing the many opportunities available in the stock market.
How To Get Historical Palm Oil Rates?
Nowadays, one of the simplest ways to access commodity rates is to use an API. This is a user interface that captures and provides the data that the user has requested almost instantly. This can pertain to a wide range of topics, and it can be found on almost every website we visit on a daily basis.
To get access to an API, you’ll need to first find software that supports it. Given how quickly the industry develops, the bulk of them are highly valuable and can make your job easier. However, not every program can offer you historical Palm Oil pricing, so proceed with caution to prevent losing money.
As a result, we’ll employ Commodities-API as an example because it’s one of the most user-friendly software currently accessible. This is a free program that counts a variety of currencies and commodities with a precision of two decimal points.
So, if you’re looking for Palm Oil Historical Rates, you’ll need to take the following steps:
1- Go to www.commodities-API.com and sign in to obtain your personal API key.
2- Look for the symbols of Palm Oil and the currency you wish for.
3- Once you find both of them, make the API call.
4- The program will respond with a JSON response that you can adapt and use however you like.
Is This Information Reliable?
Without a doubt! This software uses an API to get data from banks and the stock market, making it completely trustworthy. The data is subsequently supplied with a precision of two decimal places and can be transformed to JSON, PHP, or Python. Furthermore, Commodities-API encrypts your connection with bank-grade 256-bit SSL encryption.
This API returns midpoint data, which is calculated by averaging the median bid and ask rates for a specified time period. For currency and commodity price conversions, the same API endpoints are utilized, and they can convert any amount from one currency to another, from one commodity to another, or from one quantity to another.
Also published on Medium.