Do you want to obtain LME lead rates in real-time? Then use an API!
But first, let’s talk about lead and its importance. This is a soft metal with a low melting point that is simple to manufacture and does not corrode quickly, making it incredibly useful. It’s also abundant and easy to extract. Nonetheless, while lead, like many other metals, is dense, ductile, and malleable, it also exhibits a number of non-metallic properties.
China accounted for 46.7 percent of world lead mining output in 2019, while the United States accounted for 6%. Global lead output was predicted to exceed 4.5 million metric tons that year. Australia was also a significant producer, accounting for 9.6 percent of world lead output.
Lead has the following uses:
- It is mostly utilized as a corrosion-resistant metal in paints and pipes.
- It is used in vehicle batteries as well as lead-acid batteries.
- Electrical equipment component soldering
The LME, on the other hand, provides cash trading by providing contracts with daily expiry dates 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.
Staying updated on this type of rate might be difficult. It is, however, not impossible. For this, we highly recommend using an API. This can bring you information from a lot of different sources, including the London Metal Market .
About APIs
APIs are used in a wide range of applications worldwide, including some of the most well-known websites and social media platforms. It has a wide range of applications, making it especially valuable when quick and precise information is required.
Before using one, you need to locate a good software that provides you with it. Online, there are a lot of them, but not every single one can provide the same information. As a result, you must exercise caution in your decision-making to avoid wasting your time with an unfavorable encounter.
The majority of APIs deliver their results in Javascript Object Notation (JSON), a popular programming language. This is a simple data transport format that everyone may read and write. JSON is a language-agnostic text format that employs C-family programming standards. Because of these properties, JSON is a good data-interchange language.
Metals-API, one of the most well-known and comprehensive APIs for precious metals pricing, is suggested for acquiring osmium values in USD. Using interactive tools, you can monitor precious metal spot prices, metal charts, and real-time metal prices and quotations from across the world.
You must perform the following to make advantage of it:
- You may generate your own API key at www.metals-API.com.
- Look for the LME Lead symbol (LME-LEAD) and the currency of your choice.
- 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 and you’re finished! The API will appear on your screen.
This is how the final product will look:
{
"success": true,
"timestamp": 1519296206,
"base": "LME-LEAD",
"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,
[...]
}
}
About Metals-API
Metals-API began as a straightforward, lightweight Open-Source API for current and historical precious metals rates supplied by banks. The Metals-API API can offer real-time precious metals data through API with a precision of 2 decimal points and a frequency of up to 60 seconds. Delivering exchange rates for precious metals, converting single currencies, providing Time-Series data, fluctuation data, and the lowest and highest price of each day are all capabilities. The Metals-API API can provide precise exchange rate data for precious metals in 170 different world currencies, including Bitcoin and other major cryptocurrencies.
Also published on Medium.