Do you wish to get LME copper rates in tonnes? Then use an API!
Given the importance of copper in the global economy, it’s logical that you’d want to be kept up to speed on the metal’s rates at all times. This product’s relevance stems from the fact that it is extremely malleable and ductile, and it is utilized as a heat and electricity conductor, as well as a building material, among other things.
This metal is found in a variety of environments, including basaltic lavas as the main mineral and as a reduced form of copper compounds. Chile, Peru, and China are its top producers, and Europe mined around 916 kilotonnes of copper in 2016, accounting for 4.6 percent of world production.
Cash trading is available on the London Metal Exchange through contracts with daily expiry periods of up to three months from the deal date, weekly contracts of up to six months, and monthly contracts of up to 123 months. To settle contracts, it provides hedging, global reference pricing, and the option of physical delivery.
Copper prices have been rising in recent months. If you work in one of these industries, pay attention to how values change through time and how they connect to current pricing. This knowledge is essential for identifying the ideal time to invest. As a result, a programming interface is required (API).
What Is It, Exactly?
This is a software that allows two programs to talk to one other. An API is utilized every time you use an app like Facebook, send an instant message, or check the weather on your phone.
Before you use one, look for a decent piece of software that does. Many of them are available on the internet, albeit not all of them provide the same information. As a result, you must exercise caution in making decisions in order to prevent wasting your time with a terrible experience.
As a result, we strongly recommend that you use Metals-API, which is gradually becoming one of the most popular and comprehensive APIs for precious metal values. This tool may provide you a wide range of metals and currencies to use on your website.
To use it, you must do the following:
- At www.metals-API.com, you may generate your own API key.
- Look for the LME Copper symbol (LME-XCU) and the currency sign of your choosing.
- Before concluding the API call, use these symbols to add metal and money to the list. You may also choose a programming language and a price range.
- Finally, you hit the “run” button, and you’re done! The API will be displayed on your screen.
However, this API will give you the rates in troy ounces. So, to do the conversion to tonnes,you need to divide the rate given by Metals-API by 3.11035e-5. After doing this, you will obtain the rates you need.
More Details On This Tool
Metals-API originated as a simple, lightweight Open-Source API that enabled banks to obtain current and historical precious metals values. This API can offer real-time precious metals data with an accuracy of 2 decimal points and a frequency of up to 60 seconds through API. These capabilities include offering precious metals exchange rates, converting single currencies, and providing Time-Series data, volatility statistics, and the lowest and highest prices of the day. The Metals-API API can give exact precious metal exchange rate data in over 170 currencies worldwide, including Bitcoin and other major cryptocurrencies.
Also published on Medium.