Are you trying to get LME Lead rates in tonnes but don’t know how? Here we explain you everything you need to know.
According to the Jefferson Lab, lead is a highly lustrous, bluish-white element that accounts for just around 0.0013 percent of the Earth’s crust. It is not considered uncommon, though, because it is widely available and easy to extract. Lead is found in trace levels in ores such as galena, anglesite, and cerussite.
Lead is a significant component of the lead-acid battery, which is widely used in automobile batteries. It is employed as a coloring ingredient in pottery glazes, as projectiles, and as a hazard to the wick in certain candles.
One of its most common use is in the glass of computer and television displays, where it protects the viewer from radiation. Other applications include sheets, cables, solders, lead crystal glassware, ammunition, bearings, and sport equipment weight.
Currently, lead is found in ore with zinc, silver, and copper and is extracted with these metals. The major lead mineral in Galena is cerrussite, and there are reserves of anglesite and cerrussite that are exploited. Galena is mined in Australia, which accounts for 19 percent of the world’s new lead production, followed by the United States, China, Peru, and Canada. The world’s annual production of new lead is 6 million tonnes, and total workable reserves are estimated to be 85 million tonnes, which is less than a 15-year supply.
The London Metal Exchange (LME) is one of the city’s most important exchanges. It is Europe’s largest pure commodities exchange and the world’s tenth largest futures market in terms of volume. It supports cash trading by offering 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. It offers hedging, worldwide reference pricing, and the option of physical delivery to settle contracts.
If you work with LME rates on a daily basis, you must be aware of how values change over time and how they relate to current pricing. This information is essential for selecting the optimal time to invest. As a result, a programming interface is required (API).
What Is It, Exactly?
APIs, or application programming interfaces, make software development and innovation easier by allowing programs to communicate data and functions in a simple and safe manner. An API is a collection of rules that govern how computers and programs interact with one another. APIs provide a link between an application and a web server, enabling data to be sent between the two.
Many of them are accessible over the internet, albeit not all of them provide the same information. As a result, to avoid wasting your time with a bad encounter, you must proceed with caution while making judgements.
As a result, we highly advise you to utilize Metals-API, which is quickly becoming one of the most popular and comprehensive APIs for precious metal values. This program may provide you with a number of metals and currencies to utilize on your website.
To take use of it, you must perform the following:
- You may generate your own API key at www.metals-API.com.
- Look for the symbols of LME Lead (LME-LEAD) and the corresponding currency.
- Use these symbols to add metal and money to the list before ending the API call. You may also specify the programming language and the pricing range.
- Finally, you press the “run” button. The software will provide you with the rates in troy ounces.
- To convert this to tonnes, you need to divide the rate given by 3.11035e-5.
Why Is Metals-API Used?
Metals-API started out as a basic, lightweight Open-Source API enabling banks to get current and historical precious metals prices. The API can provide real-time precious metals data with a 2 decimal point precision and a frequency of up to 60 seconds through API. These features include Time-Series data, volatility statistics, and the day’s lowest and highest prices, as well as precious metals exchange rates and currency conversion. The API provides precise precious metal exchange rate data in over 170 currencies throughout the world, including Bitcoin and other major cryptocurrencies.
Also published on Medium.