Do you want to join to the top worldwide industries by investing? Do you know what commodities are? Read this post and learn about this commodities prices API!
A commodities market is a place where raw materials or main goods may be bought, sold, and traded. Hard and soft commodities are the two main kinds of commodities. Natural resources that must be mined or exploited, such as rubber, and oil, are considered hard commodities, whereas agricultural goods or livestock, such as maize, wheat, coffee, sugar, soybeans, and pig, are considered soft commodities.
Commodities markets provide a controlled and liquid marketplace for producers and consumers of commodity items. Commodity derivatives can also be used by market participants to hedge future demand or output. In these markets, speculators, investors, and arbitrageurs all play a part.
Many sectors have found it challenging to thrive using old ways due to technology advancements and innovation. While some industries revamp themselves and stay up with the times, others struggle and finally become obsolete. Despite this cycle of “producing devastation,” many industries are unlikely to go since they sustain our lives and way of life.
Many investors interested in entering the market for a certain commodity will use online platforms to obtain important data in a short period of time. This platforms provides data thanks to APIs, an example of this could be Commodities-API.
But What Is An API?
An API it´s a application programming interface (API) enables you to communicate with a specific software component or resource. Simply said, an API provides a user response to a system and then receives a response. A few software programs make advantage of them and offer you with results.
What Is Commodities-API?
It’s a website that, among other things, sells monetized data on coffee, cereals, and oils. It gets them through an API, which takes less than a minute to set up after establishing agreements with financial institutions.
How Does It Work?
The website Commodities-API has the advantage of being highly user-friendly. Take the following steps to do so:
• Visit the website and register for an account.
• Pick a currency and a product to sell.
• On the dashboard, make an API call, and the application will respond with an API response, and you’re good to go!
Is It A Secure Site?
Yes, the Commodities-API uses SSL encryption to safeguard web-to-web connections. This sort of security is used by financial institutions. This API then pulls data from financial institutions and even the World Bank.
What Is The Information’s Source?
Every minute, the API of this site receives data on commodities and currency prices from more than 15 reliable data sources. Among the sources are banks and financial data companies, as well as the World Bank itself.
Is It Accurate?
Yes, with a two-decimal-point precision and a 60-second frequency, the API can give real-time commodities data. Commodities-API is built on a strong back-end architecture that ensures high availability and response times of less than 50 milliseconds for defined API calls.
Is It Possible To Get Previous Month’s Reports?
Yes, you may see reports on the site for days, weeks, months, and even years prior to August 2021. Navigate to the drop-down menu to do so.