Are you interested in entering the palm oil market? Did you know that it is the cheapest oil to invest in? Find out more by reading our post!
The oil palm tree is only found in the tropics and provides high-quality oil that is largely used for cooking in underdeveloped nations. It’s also utilized in food, detergents, cosmetics, and biofuel to a lesser extent. Palm oil is a high-yielding crop. It produces a much higher output at a lesser cost than other vegetable oils.
Palm oil production and consumption are quickly expanding over the world. Plantations may now be found across Asia, Africa, and Latin America. However, such development is at the price of tropical forests, which provide important habitat for many endangered species as well as a lifeline for certain human groups.
Produced on plantations in Africa, Latin America and Southeast Asia, this commodity goes into a variety of food and household products, and is also a promising candidate as a biofuel. If demand continues to outstrip supply, palm oil futures and plantation stocks should offer investors a good return.
In the tropics, palm oil is one of the most economical land uses. Although its plantation entails the destruction of autochthonous species and continues with the deforestation of the Amazon region, palm oil may make a considerable contribution to national economies in the major producing countries, spurring rapid economic growth and helping to alleviate rural poverty.
In countries like Canada, it’s used in many of the things we use or eat every day: shampoo, bread, toothpaste, detergent and even snacks and chocolate bars, making it a product of high demand in this country. Because of this, investors interested in the palm oil market began looking for ways to measure metrics and look up previous economic reports using Commodities-API.
What Is Commodities-API?
Commodities-API started off as a simple, light-weight Open-Source API for current and historical commodities rates from banks and stock exchanges. With a precision of two decimal points and a frequency of up to every 60 seconds, the API can provide real-time commodity data. Among other things, the site may provide exchange rates for virtually any commodity, precious metals, single currency conversions, Time-Series data, and volatility statistics.
Where Does The Information Come From?
The API receives commodity price data from over 15 reliable data sources every minute. Among the sources are banks and financial data businesses.
How Do I Register For The First Time?
It´s really easy! Just follow this steps:
- Create an account.
- Get an API-key
- Send them that API request with your chosen metals as symbols and your specified currencies as base currency.
It Is Safe?
Your transactions are protected by commodities-bank-grade API’s 256-bit SSL encryption. It is backed up by the site’s experience with IT developers, small enterprises, and even corporations. There is no need to be concerned because this API uses data collected directly from the market.
For more information, check their website.