Do you want to know how to get commodities rates in Australia with the help of an API? If so, keep reading to find out how!
If you happen to be interested in investing in or trading commodities; then you should know that Australia currently has an abundance of natural resources. We are talking about the second-largest accessible deposits of iron ore in the world; the fifth-largest reserves of coal; and sizable gas resources, all found in Australia. Also, coal, lithium, uranium, and bauxite are just a few of the commodities and minerals that Australia leads the world in producing and exporting.
Commodity prices are constantly changing; and it is critical to understand how these prices change if you want to stay up to date on their movements; as well as be able to make good financial decisions.
Fortunately, there are many resources available that provide commodity rate information. You can also find charts of historical data on commodity prices dating back many years. However, if you do so, you’ll have to search through several websites; and that can be time-consuming and tiring. Luckily, you can easily access commodities rates by employing an API for commodities prices.
How Can An API Help You Obtain Commodity Rates?
An API, a piece of code that also regulates how a computer program operates, is used to send data from one software to another. This is why an API is necessary for an application since it allows one program to access pre-existing files or data from another piece of software. In light of this, a commodities prices API enables your software to easily access current commodity price data; that has been collected from a number of trustworthy financial sources.
Thus, the best approach to obtaining a specific piece of data is using an API; but you must know which web service has the greatest API. This is due to the fact that not all Internet-based APIs are reliable. Due to this, we advise utilizing Commodities-API; a reliable API with more than six years of market experience.
Commodities-API is a reputable API that has quite the popularity due to its efficacy. All spot data is provided in real time; with a frequency of up to 60 seconds and accuracy to two decimal points. A few of this API’s functions include: providing time-series data; converting between single currencies; returning fluctuation data; and providing exchange rates for almost any product.
How to Use This API to Get Commodities Rates In Australia
- First, to obtain an API key, register on Commodities-API’s website.
- Pick a plan next. Commodities-API currently offers three different plans: beginning (no-cost), basic, and professional. Choose the one that best satisfies your needs after carefully weighing the differences between each.
- Verify your API key by including your bearer token into the authorization header.
- After completing the aforementioned steps, choose the currency you want to view your pricing in, and then select the commodity symbol you desire. Keep in mind that you can choose from more than 170 different currencies!
- After making a choice, send the API call, then wait for the result. .
That’s all! Commodities-API will take care of the rest. To learn more about this web service, simply visit Commodities-API website and peruse its thorough documentation
Related post: What Are Primary Commodities And How An API Can Provide Their Rates