If you wish to invest in commodities, you can use an API to get historical and live market prices for the products you’re interested in.
Commodities may not be commonly known as one of the most successful ways to invest. However, commodities are vital raw resources for the global economy because they may be used to make more complex goods, resulting in big rewards for the investor who takes the risk.
Also, commodities, rather than representing the raw commodity, represent a contract to sell it in the future. Transportation, storage, insurance, and any other action for the safekeeping of the raw material may be included in their costs.
So, if you are serious about investing in this type of business, you must be aware of current commodity pricing. There is an API that may be useful for your financial background in recognizing the many opportunities available in the financial markets.
What is an API?
An API is a programmatic interface for gathering data from a location and delivering it to you very instantly. This enables you and your clients to check the price of uranium at any time.
You’ll need to find relevant software that has an API for retrieving commodity prices in order to get access to this. This could be a difficult task because not all software is created equal and cannot offer you the information you require.
We strongly advise you to use Commodities-API, one of the most useful and comprehensive commodities rate tools currently available, to save time and effort. This platform supports rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, gold, silver, and a variety of other commodities.
Commodities-API began as a simple, lightweight Open-Source API for current and historical commodity rates issued by banks and stock exchanges. This API can supply real-time commodities data with a precision of 2 decimal points and a frequency of up to every 60 seconds. Delivering exchange rates for nearly any commodity, precious metals, converting single currencies, returning Time-Series data, and volatility data are just a few of the capabilities.
Moreover, this program obtains data from banks and the stock market via an API, making it totally reliable. The data is then delivered with a two-decimal point precision and is adaptable to JSON, PHP, and Python. Commodities-API uses bank-grade 256-bit SSL encryption to protect your connection.
To obtain the information, you have to:
1. Go to www.commodities-api.com and create an account to get your API key.
2. Look for the commodities and the currencies that you are interested in.
3. Once you’ve got them both, enter them and make the API call.
4. The program will respond with a JSON response that you can adapt and use however you like.
Sign up here.
Also published on Medium.