Do you wish to obtain commodities global market prices? Here, we explain to you how.
Commodities, such as oil, sugar, and precious metals, are naturally occurring resources or things that are gathered and processed for use in human activities. Because raw materials are required for the creation of food, energy, and clothes, they serve as the foundation of our economy.
Thay are frequently mass-produced and standardised for quality and quantity, which means they are priced the same no matter who created them. Commodities, like stocks, are traded on exchanges. The Chicago Mercantile Exchange (CME), New York Mercantile Exchange (NYMEX), and London Metal Exchange are among well-known exchanges (LME).
When we talk about the global market we refer to the process and action of acquiring or selling goods and services across all nations on the planet. The activity can also be carried out via the network and digital methods to reach out to target markets.
But how can you get the price of any commodities based on the global market? Well, for that you can use an API.
About APIs
This technology is an interface that accepts data from a location and provides it to the person who made the API call. This is popular on many websites and is really useful when you require up-to-date information as quickly as possible.
To access an API that exposes this information, you must first identify software that provides this data. There are a number of them available online, but they all work differently. As a result, in order to prevent wasting time and money while purchasing software, you should proceed with caution.
For this example and to demonstrate how APIs function, we’ll use Commodities-API, which we believe is the most comprehensive API available online. This is a free public API that provides commodity rates in a variety of currencies, including coffee, rice, and sugar. It has a 2 decimal point precision and over 170 currencies to choose from, making it the most useful tool accessible at the moment.
To obtain the API with hourly pricing, you must first complete the following steps:
- Sign up for your personal API key at www.commodities-API.com.
- Look for the commodity and the currency sign of your choosing.
- Locate the product 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 rates. The website will provide an API in a number of computer languages that you are free to alter and use in any way you see suitable.
Concerning Commodities-API
Currency and commodity price conversions use the same API endpoints and may convert any amount from one currency to another, from one commodity to any commodity, or from any currency to any currency. This API provides an exact conversion in the language of your choice.
Commodities-API is a simple and trustworthy API that offers commodity pricing, currency and price conversions, historical data, leasing contracts, and other services. You don’t have to be concerned about the dependability or quality of your data any more. This comprehensive API may be used to trade, monitor markets, and learn about the next big commodity.
Also published on Medium.