Would you like to access commodity prices? Do you need to stay updated to avoid losses in your business? Well, we will provide an alternative for you! A commodities rates API. To give you more information, we have prepared a post about this incredible opportunity.
Commodities are raw, tangible materials that can be traded. Or, in other words, they are the raw materials of many companies. Within the commodities, you can find basic goods such as grain, essential to prepare food products such as bread, the minerals with which jewelry is made, example, or even energy. These raw materials have experienced a significant increase in their prices in the last year. In general terms, the rise in commodity prices is caused by structural changes in demand. In this last period, these changes have been caused by the Covid19 pandemic and by the war between Russia and Ukraine.
As a seller, you must be aware that a rise in the price of commodities can translate into direct effects, that is, the purchase of raw materials is more expensive, but also into indirect effects. For example, the increase in the price of oil affects the final consumer who buys gasoline but also raises the production and logistics costs of companies, which can affect your profit margin. For this reason, in current contexts, many entrepreneurs prefer to bet on the futures market and not on the spot. It is a risky bet, with many risks but that could help you to alleviate the losses.
Be that as it may, it is clear that something is certain, you must be up to date with prices and be attentive to the latest news. To be up to date with prices, we recommend using the Commodities-API service, an API for commodity data that will help you in this mission.
Use Commodities-API to find commodity prices!
Commodities-API is an API that makes it easier for two programs or systems of various types to communicate with one another. It makes it quicker and simpler for you to access commodities exchange fees in this instance. This API collects price data every minute from over 15 reliable data sources, including banks and financial institutions. You will be able to stay on top of any little changes in the global commodity market with the help of information this exact.
With a frequency of up to 60 seconds and a precision of two decimal places, all commodity data is given in real-time.
We advise you to take the following actions in order to learn how this system functions:
1. Start by visiting commodities-API.com.
2. Create the API key in step 2.
3. Sign up using your data, then select a plan. Commodities-API now offers three plans: no-cost, professional, and professional plus. Look closely at the distinctions between them all.
4- After completing the steps above, choose the commodity’s symbol and the legal tender in which you wish to view the prices. 170 different legal tenders are available.
5- After choosing, make the API call.
6-JSON and Python are both available as programming languages.
If there is any question that we have not answered in this post, we invite you to access the Commodities-API website and contact someone who can help you.
Also published on Medium.