Looking fot spot prices of Coal? Try out this commodities rates API in just a click!
In the world, coal is a commodity. Coal is considered a commodity because it’s not differentiated by producers, although some coal may contain higher or lower sulfur content. After years of low prices and increasing global production and consumption, coal prices reached record highs in 2016. Coal has been a major source of fuel for the U.S. economy since the first half of the twentieth century.
Coal is a flammable black or brownish-black sedimentary rock with a high carbon and hydrocarbon content. Because coal takes millions of years to develop, it is categorized as a nonrenewable energy source. Coal is made up of the energy stored by plants that thrived in marshy forests hundreds of millions of years ago.
It is a sedimentary rock composed mainly of carbon and is easily combustible. Coal is black or brownish-black in color and consists of more than 50 percent carbonaceous material by weight and more than 70 percent by volume (including inherent moisture).
About Commodities
Commodities are products that are not altered in the marketing process and are interchangeable with other commodities of the same type. That is, they are commodities that can be sold in the same way by different companies. In general, commodities with low added value are called commodities. They are divided into four groups: Energy (crude oil, petroleum derivatives, natural gas, etc.), metals (aluminum, iron, copper, etc.), livestock, meat, and agricultural products (corn, soybeans, wheat, coffee, sugar, cotton, etc.).
There are two main activities in the commodities market: agricultural production and trade in these commodities. This second activity is carried out by the so-called traders, who generally work with the transactions of the specialized stock markets and exchanges. 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.
If you want to buy the 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.
Why Commodities 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 confirm 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 exchange rate delivery for almost all commodities and precious metals, single currency conversion, time series data return 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 details and then choose a plan. Currently, Commodities-API has 3 plans: free, basic and professional. Take a close look at the differences between each tariff.
-Next, select the symbol of the commodity you want (e.g. corn, wheat, ethanol, oil) and then select the currency you want to see prices in. There are 170 coins available.
-After the selection, make the API call.
-You have the option to use JSON or PHP as the programming language.
IF YOU LIKED THIS ARTICLE, READ MORE FOLLOWING THIS LINK:
Use An API To Obtain Commodities Spot Prices In 2022 – TheStartupFounder.com
Also published on Medium.