Would you like to obtain commodity prices more easily? Surely, like many entrepreneurs, you find it annoying to have to consult several commodity exchanges. With this tool, you can do all this on the same platform!
A commodity is a tangible material that can be traded, bought or sold. Being unprocessed, it does not have any added or differential value beyond its origin, which is why it is usually used as a raw material to manufacture more refined products. 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.
Commodities are characterized by being a basic productive element at an international level, which makes them very attractive for investment, trading in two types of markets: the spot market, or cash, and the futures market. In the first, the raw material is sold immediately, while in the second, the quantity and price of the product are fixed in advance for later sale. These future purchases seek to provide stability to the market, avoiding the impact of price fluctuations. Keep in mind that prices are affected by external factors. Its price can be altered by armed conflicts, geopolitical tensions or climatic changes, as is the case with the Russia-Ukraine war.
However, not all commodity exchanges offer prices for all commodities on the market. Each one specializes in certain types of raw materials such as agriculture, metals, fuels, wood, among other things. But don’t worry, there is a way to have everything on one platform. Its name is Commodities-API and it is the best commodities spot rates API. In this way, you will avoid the tedious task of using many commodity exchanges at the same time.
Why Commodities-API?
This service is one of the most important commodity trading tools. Its objective is simple, to have all the commodities at your fingertips, products such as coffee, cotton, wheat, corn, natural gas, ethanol, etc. Thanks to it, you can save a lot of time in your life and money. And don’t worry about the information, Commodities-API is not a commodities-exchange but it gets information from them. It is 100% sure that the information is true, due to the high quality of the data sources. All this with a precision of 2 decimal places and a frequency of up to 60 seconds. Obviously, the prices will be in the currency of your choice, to make it easier for entrepreneurs from less developed countries to understand.
In order to acquire the prices of commodities and be able to analyze them correctly, you will have to follow these steps.
1- Visit www.commodities-API.com and generate the API key.
2- Register and choose a plan. Currently, there are 3 plans available, of which 1 is free and 2 are paid. Obviously, the free option has some limitations.
3- Find the symbols of the commodities you want and the currency of your country.
4- Once you have decided on them, make the call to the API.
5- For a better analysis and comparison with other products, you also have the possibility to create charts.
Doubts? Questions? Use the virtual chat to communicate with a Commodities-API advisor.
Also published on Medium.