Do you need to obtain different commodities rates in pounds but don’t know how? Then an API is perfect for you
Commodities are raw materials used to create finished goods. Commodities include agricultural products, mineral ores, and fossil fuels—basically, any natural resource that businesses and consumers use. In contrast to securities, which exist exclusively as financial contracts, commodities are actual commodities that are purchased, sold, and traded in marketplaces.
Commodity prices fluctuate constantly as supply and demand change in a particular economy and throughout the world. A bad harvest in India may boost grain prices, while growing Middle Eastern oil supply may cut world oil prices. Commodity investors strive to profit from supply and demand fluctuations or to reduce risk by diversifying their portfolios by including several asset types.
Commodities are divided into four categories:
- Energy: The energy business includes oil, natural gas, coal, ethanol, and even uranium. Renewable energy sources, such as wind and solar power, are also included in the definition of energy.
- Commodity metals include precious metals such as gold, silver, palladium, and platinum, as well as industrial metals such as iron ore, tin, copper, aluminum, and zinc.
- Agriculture comprises both edible crops such as cocoa, maize, sugar, and wheat, as well as non-edible products such as cotton, palm oil, and rubber.
- Livestock refers to all living animals, including cattle and pigs.
Commodity trading is the exchange of different assets, often futures contracts, based on the price of an underlying physical commodity. Investing in futures contracts allows investors to bet on the expected future value of a commodity. They buy certain futures contracts (or go long) if they feel the price of a commodity will rise, and they sell other futures contracts if they believe the price will fall (or go short).
The most common unit of measurement for commodities is per pound (or per lb). The pound, sometimes known as the pound-mass, is a unit of mass used in the imperial and customary measurement systems of the United Kingdom and the United States. The international avoirdupois pound is the most often used word today, and it is formally defined as 0.45359237 kilograms divided into 16 avoirdupois ounces.
But how can you keep track of the prices of many commodities all the time? We advocate utilizing an API, which is an interface that can provide you with information about any type of data you wish to examine. This is used by a wide range of websites for a variety of purposes.
Find The Best API
To utilize this, you must locate software that allows you to access the API once per hour. There are many of them available online, but you should be cautious about which one you select because not all of them function in the same manner or produce the same effects.
To save time and money, we strongly advise you to utilize Commodities-API, one of the most advantageous commodity rate tools accessible. Every minute, this API gets price data from over 15 reliable data sources, including banks and financial data.
To get the API with hourly price, you must first do the following:
- You may generate your own API key at www.commodities-API.com.
- Look for the symbols of the commodity and currency you wish to check.
- Using these symbols, locate the product and money in the list. After you’ve settled on them, make the API call.
- Find the latest up-to-date price. The website will give you with an API in a variety of computer languages that you may modify and use in any way you see fit.
More Details about This Software
Commodities-API can provide real-time commodity data with a 2 decimal point precision and a frequency of up to 60 seconds. Exchange rates for practically every commodity are provided, as well as Precious Metals, currency conversion, Time-Series data, and volatility information.
Rice, wheat, coffee, corn, sugar, Brent crude oil, West Texas Intermediate crude oil, soybeans, gold, silver, and other commodities are all increasing in price. This API delivers precise commodity and exchange rate data for nearly every commodity, as well as 170 different foreign currencies, including Bitcoin and other major cryptocurrencies.
Also published on Medium.