Are you tired of surprise changes in commodity rates? Would you like to beat price volatility? Well, for that, you will need an API to be alert to this type of situation. It is the best commodities rates API.
A commodity describes a basic product used in complex production processes. They are all those goods and financial assets that cannot be separated by quality, only by quantity. Commodities are produced massively and uniformly: although their place of production is different, they do not have any value that differentiates them from one another. The corn produced in California, for example, does not differ much from that of Mexico. Thus, the value of these products lies in their generic characteristics, which make them very necessary and in demand throughout the world.
The vast majority of commodities are natural resources: energy (coal, oil, gas), minerals (copper, lead, iron), agricultural (corn, sugar, wheat, coffee), among others. However, it is also possible that a specific, more elaborate and exclusive product is in massive demand and ends up being produced generically, becoming a commodity. In addition, commodities are a basic productive element at the international level, which makes them very attractive for investment, trading in two types of markets: the spot market, or cash, and the futures market.
The bad part is that commodity prices depend on external factors such as droughts, bad harvests and international conflicts, such as the War between Russia and Ukraine. For example, there was a sharp drop in the value of wheat due to the efforts to remove from Ukraine the grains held since the beginning of the war. Soybeans, on the other hand, are very close to reaching their all-time highs. For these reasons, we must always be alert to any changes. For this, we recommend using the Commodities-API service.
Why Commodities-API?
Commodities-API, as the name implies, is an API. That is, it is the abbreviated form of application programming interface and describes an interface that facilitates communication between two programs or systems of different types. Thanks to this impressive system, you will be able to update commodity price information every minute. All this is obtained thanks to 15 reliable data sources, such as financial institutions and banks, which certify the veracity of the data. Furthermore, the prices are not only provided in real time, but also with an accuracy of 2 decimal places and a frequency of up to 60 seconds. In other words, with the help of these features, you will get up-to-date prices and be able to analyze the information to know when is the best time to invest. In this way, you save time and money.
To view commodity rates, we recommend following these steps:
1- Go to www.commodities-API.com.
2- Generate the API key.
3- Register with your personal data (and financial if you choose to pay) and then choose a plan. Currently, Commodities-API has 3 plans, free, basic and professional. Take a good look at the differences between each one and choose the one that best suits your needs.
4- When you finish with the above, select the symbols of the raw material you want and then, choose in which currency to see your prices. There are 170 coins available.
5- Once selected, make the API Call.
6-As a programming language you have the option of using the JSON or PHP format.
Also published on Medium.