If you wish to know a commodities spot rates API with prices from Shanghai Futures Exchange, you must read this article.
Without a question, commodities are the raw ingredients for the services and goods we use daily. Agriculture, energy, metals, and soft materials are among the subcategories of these elements. Sugar and coffee fall into this category since they cannot be kept for long periods. These are just a handful of the asset groups that benefit from increasing inflation. When demand for commodities rises, so do the prices of items and, as a result, raw resources.
China is the global highest food producer, importer, and consumer. China also has the world’s biggest industry, with some projections placing the total at 315 million workers. The next major producers are Brazil, India, and the United States.
As you can see, the China market has a lot of relevance in the commodities worldwide production. For this reason, if you need information about commodities you need to use a tool with information from Shanghai Futures Exchange.
What Is Shanghai Futures Exchange?
The Shanghai Futures Exchange (“SHFE”) works under the identifying objectives of the China Securities Regulatory Commission (“CSRC”) and arranges derivatives contracts approved by the CSRC by the CSRC’s ideals of openness, and objectivity, fairness, and honesty.
The SHFE now offers 20 index futures and 6 product options covering fuel oil, crude oil, bitumen, natural rubber, wood pulp, TSR 20, stainless steel, LSFO, and bonded copper, nickel, steel, rubber, aluminum, zinc, and crude oil.
Copper agreements have placed among the world’s 3 most important copper commodity futures among SHFE’s major products, and the transfer has also formed a detailed nonferrous metals product range with aluminum, zinc, lead, nickel, and tin futures to meet the needs of physical industries quite well.
As a consequence of ferrous metal futures such as steel rebar, steel wire rod, and hot-rolled coil, the steel pricing system has been further strengthened, helping the sustainable and regulated growth of China’s steel industry as well as the promotion of China’s steel prices’ global influence. They have accelerated energy futures product exploration and enhanced the market power of China’s petroleum products in terms of fuel oil and bitumen futures.
Moreover, SHFE’s bonded delivery and uninterrupted trading have laid the framework for the futures market’s expansion and internationalization, as well as enhanced investors’ real-time risk management by stimulating the swift interaction between relevant local and international prices. To get data from this trade market, an API is necessary.
What Exactly Is An API?
API stands for Application Programming Interface. What does it imply? It is software that transmits and distributes data between two or more devices. It’s common in online banking and social networking apps.
There are several APIs that give commodities data on the internet; nevertheless, getting high-quality rate data might be difficult. Unfortunately, not all of them send rates from Shanghai. Commodities-API is a trustworthy source of agriculture prices.
About Commodities-API
The best choice, by far, is www.commodities-api.com. This is a website where you can watch the pricing of numerous things. After that, you’ll be able to forecast rates and translate them to your chosen currency. This online API gives exact rate data for a variety of goods in many currencies. Commodities-API began as a simple, minimalist Open-Source API for historical and current commodities prices for financial organizations.
The API can deliver real-time commodity data with two decimal point accuracy and a reload rate of every 60 seconds. It is built on a strong back-end architecture that guarantees response times of fewer than 50 milliseconds for defined API requests.