If you’re looking forward to investing in sugar it’s important to understand how different types of prices can help you to succeed. Here, we tell you the best APIs for sugar spot prices.
Sugar is one of the world’s most significant commodities since it is the primary carbohydrate in the majority of sweet meals. Is also present in almost all plant tissues, used for sweetening, and comes in a variety of forms. Its output rose by 14 percent between 2009 and 2018 due to increasing demand. Throughout those years, China, Indonesia, and the United States were the primary importers.
With this in mind, you probably want to invest in this commodity and get the best income possible. For that, an API is the best solution you are going to find. This is because this type of technology connects two computers or applications and allows them to communicate. This means that when you send a request to an API, you’ll instantly get a response. In this case, if you ask for the price of a commodity, you’ll get the answer in JSON format and other programming languages.
How Is This Helpful
An API makes you stay updated on the real-time rates of any product you’re interested in. However, it can also give other types of rates, like historical and spot. The second one is the one that we will have in mind for this article.
The term ‘spot prices’ is most commonly used to describe the price of commodity futures contracts such as oil, wheat, or gold. This is because shares are always traded at the current price. You buy or sell a stock at a set price and then cash out. This helps you to understand the business better and see what’s going to happen in the future of that specific product.
How Can I Get This API?
To get the API, we recommend three softwares:
1. Commodities-API
Commodities-API is on a free public API that gives commodity prices for commodities like coffee, rice, sugar, and wheat, among others. It can give data in whatever currency you choose, with an accuracy of 2 decimal points, from a list of more than 170 choices. You can also get data updates every 60 seconds and perform 100.000 API requests every month.
For all commodities and currency rates, the API offers midpoint data. Midpoint rates are calculated using the average median rate of Bid and Ask during a certain time period. The same API endpoints are used to convert currency and commodity prices, and they may be used to convert any amount from one currency to another, as well as any commodity to any commodity and any currency to any currency.
2. CommoPrices
This API allows getting information on prices and values of more than 10,500 commodities and indexes. Depending on the source, the data might be updated daily, weekly or monthly. The more liquid the market, the more frequent the data.
To get the information, you just have to enter www.api.commoprices.com and search for the commodity you are looking for. For security, they use HTTPS to protect the requests between your browser and their servers.
3. Barchart
Barchart was one of the first websites to provide data on commodities and futures markets. Is a global financial technology leader that provides market data and services to the financial, media, and commodities industries. It has direct access to the markets it services, such as stocks, futures, options, indices, and foreign currency, as well as dozens of news providers and data sources. Traders Cheat Sheet and Barchart Opinion are two data-driven analytical tools that can help you improve your trade management and success.
Its diversified client base relies on its unique data, software, and technology solutions to power its operations from front to back office, while its media brands supply financial and commodities professionals with web content, news, and magazines to assist them to make decisions.
Also published on Medium.