Do you want to obtain palm oil rates in Indian Rupees? Try using an API!
Palm oil is a vegetable oil obtained from the oil palm fruit’s mesocarp. This one grows exclusively in the tropics and provides high-quality oil, which is mostly used in underdeveloped nations for cooking. It can also be found in food, detergents, cosmetics, and, to a lesser extent, biofuel.
The plant was grown in West Africa and reached worldwide markets five centuries ago through the Atlantic slave trade. As European nations realized its usefulness, it transitioned from a luxury product to a less expensive substitute for tallow in soaps and as a cooking oil. Over time, demand outstripped supply, necessitating more output. This marked the start of the growth of company-owned oil palm plantations in Southeast Asia.
Indonesia is the world’s greatest producer of palm oil, with 34.5 million tons produced (2016 output). This figure had risen to 51.8 million tons by 2019, with 60 percent of the output exported as crude palm oil by the end of 2010. This country wants to have more than quadrupled its output by the end of 2030.
India is the world’s top palm oil importer, surpassing China, the European Union, Pakistan, Bangladesh, and the United States. Over 90% of imported palm oil is used for cooking, replacing different types of oil seeds, and overall imports have increased nearly tenfold in the previous 20 years.The administration is allegedly proposing this strategy to deal with the massive import bill.
So, if you invest in this sort of stuff, you should understand how critical it is to stay current on daily price changes in Indian Rupees. This might be the event that shifts the trajectory of your assets. If you do not monitor the commodity and observe how it performs in the market, you may end up with poor outcomes and lose money.
This may be done by using an API, which is a user interface that receives data from a location and returns it to the person who performed the API request. This is popular on many websites and is quite useful when you require current information straight away.
Where To Get This
You will get data within a few seconds after sending a request to an API (or, more correctly, making an API call). Depending on the API, this answer is provided in a variety of computer languages, including JSON, PHP, and Python.
If you’re looking for palm oil rates in Indian Rupees, we think Commodities-API, a free web API that delivers real-time data on commodity prices including coffee, rice, sugar, and wheat, among others, will be quite useful.
You must do the following to make advantage of it:
- To obtain your own API key, go to www.commodities-API.com.
- Find the symbols you wish to put to the test (CPO and INR)
- Locate the commodity and money in the list using these symbols. Make the API call after you’ve decided on them.
- Look for the most up-to-date price. The website will provide you with an API in a variety of computer languages, which you are free to alter and use anyway you see appropriate.
As a result, the final result will be as follows:
{
"success": true,
"timestamp": 1519296206,
"base": "CPO",
"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,
[...]
}
}
Additional Information About This Software
Commodities-API can deliver real-time commodities data with a 2 decimal point precision and a 60-second frequency. There are exchange rates for almost every commodity, as well as Precious Metals, currency conversion, Time-Series data, and volatility statistics.
Rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, gold, silver, and other commodities are all rising in price. This API provides exact commodity and exchange rate data for over 170 different foreign currencies, including Bitcoin and other major cryptocurrencies.
Also published on Medium.