If you’re trying to get coal prices in tonnes, try out this commodities rates API in just a click!
In the world, coal is a commodity. Coal is considered a commodity because it does not differ by producer, although some coal may have higher or lower sulfur content. After years of low prices and rising production and consumption worldwide, coal prices reached record highs in 2016. Coal has been an important fuel source for the U.S. economy since the first half of the twentieth century.
About Commodities
- What Are Commodities?
Commodities are products that are not changed in the marketing process and are interchangeable with other commodities of the same kind. That is, they are goods that can be sold in the same way by different companies. In general, goods with little added value are called commodities. They are divided into four groups:
– Energy (crude oil, petroleum derivatives, natural gas, etc.),
-Metals (aluminum, iron, copper, etc.),
-Agricultural products (corn, soybeans, wheat, coffee, sugar, cotton, etc.).
There are two main activities in the commodities market. However, we are going to talk about the most important for us: trade and trade pricing. This activity is carried out by the so-called traders, who generally work with the transactions of the specialized exchanges and markets. It can be traded on 2 markets: Spot and Futures. In the first case, a person buys commodities at the current price and receives the products immediately. In the futures market, on the other hand, a person commits to buy or sell a certain amount of a certain asset at a certain value and at a fixed time.
Why Commodities API?
If you want to buy prices on the spot market, you should go to a commodity exchange. However, not all commodity exchanges offer all commodities, some specialize in metals, some in agriculture or grains, some in fuels. For this reason, we recommend that you use the Commodities API service, which contains the spot prices of all commodities on the market. In the next section we will explain more about this API.
Commodities-API, as the name suggests, is an API (short for Application Programming Interface) and describes an interface that allows communication between two programs or systems of different types. Thanks to this API, you can get spot price information from more than 15 reliable data sources, such as financial institutions and banks, which certify the reliability of the information. All spot data is provided in real time with an accuracy of 2 decimal places and a frequency of up to 60 seconds. Capabilities include the provision of exchange rates for almost all commodities and precious metals, conversion of individual currencies, return of time series data and fluctuation data.
To view commodity rates, we recommend following these steps:
– Go to www.commodities-API.com.
– Generate the API key.
– Register with your data and then choose a plan. Currently, Commodities-API has 3 plans, free, basic and professional. Take a good look at the differences between each one.
– When you finish with the above, select the symbol of the raw material you want (corn, wheat, ethanol, oil for example) and then, choose in which currency to see your prices. There are 170 coins available.
– Once selected, make the API Call.
-As a programming language you have the option of using JSON or PHP.
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