If you want to know how to integrate an API for Newcastle coal futures into your trading platform, this post is for you. Read on to find out more!
The main thermal power facilities that use coal to produce electricity. Additionally, it is employed in the steel industry to create coke, which is then used to create iron. In addition, coal is utilized in the home for heating.The Newcastle coal futures contract is a commitment to purchase or dispose of Newcastle coal in a defined amount at a predetermined price on a given date in the future. Buyers and sellers can agree on a price for coal delivery in the future.
Another tactic for lowering supply chain risk is to use a Coal Prices API. The ability to communicate between two software programs is made possible by a set of protocols called an application programming interface (API). An API enables access to real-time futures data from various commodities markets. One can utilize this information to make informed decisions when selecting when to buy or sell commodities.
Newcastle coal futures are standard contracts that are traded on the Intercontinental Exchange (ICE) Futures U.S. trading platform. They enable buyers and sellers to exchange coal delivery at a predetermined future period at a price decided upon when the contract was launched.
Newcastle coal futures contracts’ prices depend on the market’s supply and demand at the time they are exchanged, as well as on a number of additional variables, including the weather, world politics, and economic indices.
Commodities API
When it first started, Commodities-API was a simple, lightweight Open-Source API for commodities rates that were published by banks and the stock market. With a frequency of up to every 60 seconds and a precision of two decimal places, this API can deliver real-time commodity data. Providing exchange rates for virtually any commodity, converting between single currencies, providing time-series data, and producing fluctuation statistics are just a few of the functions.
To Use It, Just Adhere To These Steps:
- To use the API right away, all you need to do is sign up at Commodities API!
- Depending on your needs, use the various API endpoints and the symbols the API offers.
- Simply click “run” to initiate the necessary API call after locating the pertinent endpoint, then observe the outcomes appear on your screen.
Using this API, you can get data from a wide range of products. The API will offer a specific symbol, which you must enter into the endpoint, and it will respond with a response that looks like this. Every item has a unique symbol.
{"data":{"success":true,"timestamp":1684793280,"date":"2023-05-22","base":"USD","rates":{"COAL":0.0083507306889353},"unit":{"COAL":"per tonne"}}}
We needed pricing and data for coal futures on this specific occasion, and this API provided us with the symbol “COAL”. This means that one US dollar is equal to 0.0083507306889353 tonnes of coal.
The API for Commodities Prices is used to collect statistics on commodity prices every minute from more than 15 trustworthy data sources. Banks and financial data suppliers are some sources. The same API endpoints allow for any amount to be translated between any two commodities, any two currencies, any two commodities, and any other two commodities.