Do you want to get accurate commodities data with an API? Then this article is for you!
Commodities are vital raw materials for the global economy because they may be used to make more complex items, resulting in significant rewards for the risk-taking investor. Commodities are sold on the financial market and can be used as foodstuffs such as maize, soybeans, or wheat, as well as energy sources such as carbon, natural gas, and petroleum.
Commodity data is a subset of financial market information. This means that the methods and measures used to acquire most financial market data may also be used to collect commodities data. A commodity is a fundamental good that is interchangeable with other items of the same sort in commerce. Grain, gold, meat, oil, and natural gas are all examples of commodities.
Furthermore, these items may be divided into the following categories:
- Wheat is an agricultural product, for example.
- Crude oil, for example, is a source of energy.
- Gold, silver, and other precious metals are examples of metals.
- Sugar, cotton, and coffee are examples of soft commodities.
Markets, like the rest of the world, are always changing. Investors and those involved in specialized industries, for example, demand up-to-date rates. Without a doubt, the prices of the goods we buy on a daily basis are determined by raw material costs. Market rates, on the other hand, fluctuate owing to variations in supply and demand. Furthermore, markets have an impact on the entire planet. Commodity investing, on the other hand, is a genuinely fantastic method for avoiding inflation.
So, if you are serious about investing in this sort of firm, you must be familiar with current commodity data prices. As a result, there is an API that may be beneficial to your financial background in spotting the numerous chances accessible in the stock markets.
About APIs
This is a technology that many websites employ and may be used for a variety of reasons. To make use of this, you must find software that permits you to access the API once every hour. There are a lot of them available online, but you should be careful which one you choose because not all of them work the same way or offer the same results.
We strongly urge you to use Commodities-API, one of the most beneficial commodity rate tools available, to save time and money. Every minute, this API gets pricing data from over 15 credible data sources, including banks and financial data.
To obtain the API with hourly pricing, you must first complete the following steps:
- Go to www.commodities-API.com and generate your own API key.
- Locate the symbols for the commodity and the base currency.
- Locate the product and money in the list using these symbols. Make the API call after you’ve decided on them.
- Look for the latest recent rates. The website will provide you with an API in a number of computer languages that you may modify and use anyway you see appropriate.
The result will be something like:
{
"success": true,
"timestamp": 1519296206,
"base": "XAU",
"date": "2018-09-10",
"rates": {
"AUD": 1.566015,
"CAD": 1.560132,
"CHF": 1.154727,
"CNY": 7.827874,
"GBP": 0.882047,
"JPY": 132.360679,
"USD": 1.23396,
[...]
}
}
Why Commodities-API?
Commodities-API can deliver real-time commodities data with an accuracy of 2 decimal points and a frequency of up to 60 seconds. There are exchange rates for almost every commodity, 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 all rise in price. This API provides accurate commodity and exchange rate data for almost every commodity, as well as 170 different foreign currencies, including Bitcoin and other major cryptocurrencies.
Also published on Medium.