Do you already use an API to obtain market data? Check out the other API alternatives for commodity pricing here!
A commodity is defined as follows:
A material or item that can be purchased, sold, or traded. Without a doubt, these elements or products are raw materials for the goods and services we utilize on a regular basis.
These materials can also be divided into categories such as agriculture, energy, metals, and soft materials. This category includes products that cannot be preserved for long periods of time, such as sugar or coffee.
Investments & Commodities
API for commodity data, as “real assets,” react differently to changing economic fundamentals than “financial assets.”
These are some of the few asset classes that benefit from rising inflation, for example. When demand for commodities rises, so do the prices of items and, as a result, raw materials. Because the global stock market is influenced by a variety of factors, some commodities may underperform.
Furthermore, depending on the commodity and its performance, political and economic factors can endanger investors. Some APIs are available to extract valuable information in order to track rates and prices for a number of commodities.
Agricultural products that cannot be easily kept, such as coffee beans, cocoa beans, cotton, sugarcane, and orange juice concentrate, are examples of soft commodities. As a result of their high price elasticity of demand, these commodities are more volatile than hard commodities since they are more susceptible to changes in supply and demand situations (e.g., coal).
So, if you want to keep track of this volatility in order to make sound financial decisions, you’ll need a dependable source of commodities data. Soft commodity data, thankfully, can now be obtained relatively readily thanks to modern technologies. That is, you will be able to access commodity rates in a matter of seconds with the use of a commodities API!
Using An API, You Can Sbtain Soft Commodity Rates.
An application programming interface, or API for short, is a software mediator that allows two programs to connect with one another in order to send and receive data requests and responses. As a result, a commodity price API allows your applications to quickly access current commodity price data gathered from a variety of reliable financial sources.
However, not all APIs available today are secure or reliable. This is due to the fact that they can originate from dodgy API providers! To assist you in selecting a dependable API, we’ve compiled information on three of the greatest commodities market data APIs accessible today! Examine them out!
Commodities-API
Commodities-API is a well-known and reliable API that displays commodity prices such as wheat, rice, coffee, and sugar. It collects price data from over 15 credible data sources, including banks and financial institutions, and makes it available to you promptly. Furthermore, all commodity data is given in real time, with a frequency of up to 60 seconds and accuracy to two decimal places!
Furthermore, Commodities-API provides data to two decimal places in over 170 different currencies. You are permitted to make up to 100.000 API requests every month, with data changes occurring every 60 seconds!
Barchart
Barchart is an online service that has been around for a while. This is one of the first websites to disseminate commodity and futures market data. An multinational banking software firm that provides market data and services to the financial media and commodities industries provides the service.
From front to backend, Barchart‘s unique data, software, and technology solutions power the operations of its varied customer base. Its entertainment operations also provide web material, headlines, and publications to help financial and market experts make decisions.
CommonPrices
CommonPrices is another website that provides easy access to the values of over 10,000 commodities and indexes. It successfully collects data from a range of credible sources and updates it on a daily, weekly, or monthly basis, depending on the plan you select.
Furthermore, CommonPrices is a rather secure service, as HTTPS is used to encrypt communications between your browser and their servers!