Do you use Commo-Prices? Do you want to try an alternative version? Read this post and find another platform that is dedicated to making monetized exchanges with commodities rates API!
Let´s start with the basic, a commodity is a basic good used in business that may be exchanged for other similar products. Commodities are frequently utilized as raw materials in the manufacture of other items or services. A commodity’s quality may vary slightly from producer to producer, but it is essentially consistent. Commodities must also fulfill set minimum requirements, commonly known as a base grade, when they are traded on an exchange. Some platforms like Commo-Prices helps at the moment of doing a monetary exchange, providing different types of commodities and currencies
The Commo-Prices API gives you access to over 10,000 commodities and indices’ prices and values. Depending on the source, the data may be updated daily, weekly, or monthly. A market’s liquidity is proportional to the amount of data it contains. You may find out more by visiting www.api.commoprices.com and looking for the commodity you’re interested in. For security reasons, they use HTTPS to encrypt requests between your browser and their servers.
As demand for products and services grows, so does the price of those goods and services, and commodities are the raw materials that are required to make those goods and services. Because commodity prices tend to grow in tandem with inflation, this asset class may often be used as a hedge against the currency’s declining purchasing power.
Through two primary routes, commodity prices are thought to be a leading signal of inflation. Leading indicators frequently show quantifiable economic changes before the overall economy. According to one idea, commodity prices react swiftly to general economic shocks like increased demand.
Commodities are tangible products that are purchased, sold, and exchanged in financial markets, as opposed to securities such as stocks and bonds, which are purely financial contracts. Like Commo-Prices, Barchart and Commodities-API platforms are an alternative recommendation that can help you.
Barchart
One of the earliest websites to give commodity and futures market data was Barchart. Is an international financial technology company that provides market data and services to the financial, media, and commodities industries. Barchart’s unique data, software, and technology solutions power the operations of its diversified customer base from front to back office, while its media brands deliver web content, news, and publications to aid financial and commodities professionals in their decision-making.
Commodities-API
Commodities-API It’s a free public API that shows you the price of commodities including coffee, rice, sugar, and wheat.
To obtain the data, simply log in to the website, obtain an API key, and then select the appropriate currency and commodity. That’s all there is to it, and you can use the API however you like. The Commodities-API can provide data in any currency you want, with a 2 decimal point accuracy, from a list of over 170 options. Each month, you may obtain 60-second data updates and conduct 100.000 API requests.
Currency and commodity prices may be converted using the same API endpoints, and any amount can be converted from one currency to another, as well as from one commodity to another, and from one currency to another. For all commodities and exchange currencies, the API delivers midpoint data. The midpoint rates are calculated using the average median bid and ask rates over a period of time.
Visit their website for additional details.