Do you want to know how to monitor Newcastle coal futures prices using an API? In this article we will explain more about it!

The value of the underlying commodity determines the price of Newcastle coal futures. An agreement between two parties to buy or sell a specific quantity of a commodity at a predetermined price at a future date is known as a futures contract. The futures contract’s homogeneity makes it simple to swap it on an exchange, bringing buyers and sellers together. Supply and demand for the commodity, as well as market players’ speculation, have an impact on the futures price.

If you’re still unsure, allow us to define an API: Application programming interfaces are known as APIs. APIs serve as the interfaces for communication between many different services and applications. A system or program can access data or features that are otherwise unavailable thanks to an API. Many sectors use APIs because they are required for integrating external systems into bigger systems or applications, including the global coal industry. We are discussing the Coal Prices API, which provides information on the Newcastle coal market’s current state.

The main purpose of Newcastle coal futures is to hedge against price fluctuations. A producer of commodities can sell a futures contract to fix a price for their good at a later time. To hedge against falling prices, a producer might also buy a futures contract. A futures contract is another way for a consumer to hedge against price increases.

So, if you need to monitor Newcastle coal futures prices using an API, we highly recommend using the Commodities API. 

Commodities API

Developers can get real-time information on the prices of commodities via the Commodities API, which is offered by more than 10 different exchange rate data providers for commodities pricing. The API contains a plethora of endpoints, each of which serves a specific purpose. The endpoint can receive API requests for currency data, daily changes, value conversion, and time series data for one or more currencies. It can also send API calls for the most up-to-date commodity rate data for all or a subset of currencies.

Depending on the commodity you’re looking for, this API will provide you with a variety of replies. In this instance, we’re interested in finding out more about coal. The coal symbol offered by the API (COAL) can be used to look up information about it:

{"data":{"success":true,"timestamp":1683666360,"date":"2023-05-09","base":"USD","rates":{"COAL":0.008},"unit":{"COAL":"per tonne"}}}

One dollar is equal to 0.008 tonnes of coal, as you can see in the response.

All You Have To Do To Utilize It Is:

• Join up at Commodities API, and you’ll be able to use the API immediately after!
• Depending on what you want, use the various API endpoints and the symbols provided by the API.
• Once you’ve located the required endpoint, perform the necessary API call by clicking “run” and see the results appear on your screen.

The Agriculture Rates API provides data in more than 170 different currencies with a precision of two decimal places. Depending on the subscription you select, you can make up to 100.000 API requests per month and get data updates every 60 seconds. There is a seven-day trial period available for this API.