Are you part of a European company? Do you know that you can use a commodities prices API to get market data in euros? Read this article and learn all about it!
Commodities are a basic item that is interchangeable with other items of a similar sort in business. Commodities are frequently utilized as inputs in the manufacture of other commodities or services. Therefore, a product is often defined as a raw resource utilized in the production of completed items. A product, on the other hand, is the finished item that is sold to customers.
Commodities are fundamental good used throughout trade that may be exchanged for other commodities of the same sort. Commodities are frequently utilized as inputs in the manufacture of other services or goods. Commodities can be purchased and sold directly inside the spot (cash) exchange or through derivatives such as futures and options.
For example, despite pandemic-related constraints, European exports have shown widespread expansion using different types of commodities like minerals and oils.
1.Industrial Apparatus, Industrial Machinery, And Machinery In General: Germany was the top exporter in 2022, accounting for 38% of all exports. Italy comes in second with 16.5%.
2. Pharmaceutical Products: Germany was once more foremost, accounting for 24.4% of total EU exports. Belgium is ranked second.
3. Motor Vehicles: The main automobile export markets were Germany (54.7%) and Italy (6.6%).
4. Chemical Goods: Germany leads the way in chemical product exports (27.5%), followed by France (14.7%).
5. Computer Hardware, Electronics, And Optics: Germany is the top computer hardware and electronics exporter (33.1%). The Netherlands ranked second in terms of exports (17.4%).
So now you know what a commodity is, you need to be updated on the prices of hard and soft commodities in the market. To do this, you must find a trusted platform in which to search for the latest daily movements of the product in which you want to invest. A solution for this is Commodities-API
What Is Commodities-API?
Commodities-API It is a service that uses an API to provide its customers access to trade data for various items such as coffee, cereals, and oils, among others. Clients may buy them using the API, which takes less than a minute to set up after contacting financial institutions who want to participate. Commodities-API includes all of the API docs required for a user who is just starting to browse the web for commodities, making it the most user-friendly API.
How Does It Work?
Commodities-API has the benefit of being extremely simple to employ. To do this, follow the steps listed below.
-Go to the website and sign up for an identity.
-Create an API Key on the platform.
-Chose for the commodity and currency of your desire.
-In the dashboards, submit an API request, and the software will answer with an API response.
And it’s all in order!
Is It A Safe Site?
SSL security is used by Commodities-API to secure browser connections. Financial firms utilize this form of security. This web service then retrieves information from financial institutions or the World Bank. The connection to the Commodities-API software is protected with bank-grade 256-bit SSL encryption, which is a data/file encryption technology that encrypts and decrypts data or files using a 256-bit key.