Would you like to invest in the commodity futures market as lumber? If so, we have something to tell you. Have you ever heard of an API that offers these services? Well, today you will meet the best commodities rates API thanks to this informative article that we wrote for you.
Lumber is a naturally occurring fibrous substance that is extracted from tree trunks and utilized as a primary raw material for the manufacture of pulp, paper, lumber, and other products. Accordingly, the wood industry is the area of the economy that includes industrial activities for the exploitation, extraction, cutting, processing, storage, acquisition, and biochemical treatment of wood from the planting of trees and going through each of the aforementioned phases.
One of the most vital items for society is lumber, commonly known as timber. It alludes to wood that has been shaped into beams and planks and is subsequently used in building or for structural purposes. Greater resistance, rigidity, and density make it a more effective medium for preparing wood for finishing. To prevent rot and decay, preservatives are frequently applied to wood.
Being such a crucial raw material, it is crucial for society and the wood industry, in particular, to be aware of its pricing. Due to the current times, it is very important to be up to date with prices and invest in the futures market to reduce losses to the minimum possible. When building a house, even a tiny modification might result in a significant price difference or thousands of dollars in profit or loss. For this situation, we advise using the Commodities-API to track the lumber futures prices.
Why Commodities-API?
Without a doubt, Commodities-API is one of the ways to locate prices for essential items like lumber. You will be able to save time and money most importantly thanks to this API. Its purpose is to gather information every hour and minute from 15 completely trustworthy sources, including banks and financial institutions. In fact, this service is so quick that we can get updated data every 60 seconds with a 2 decimal place precision.
Additionally, it contains a system for converting legal tenders. The costs will be shown in your legal tender whether you are a client from the United States, the United Kingdom, China, Pakistan, or Mexico. And if you are wondering about futures market prices, the answer is yes. Commodities-API will give you the future prices closest to the date on which you are consulted.
What is the price?
If you’ve read this far, you probably have questions concerning the cost. Fortunately, we have some welcome news to share. You won’t have to pay anything to utilize it, or at least you can use a part of the service. However, the limitations of the no-cost plan are very great and for this reason, we suggest you buy or acquire the professional or professional plus plans, from 49 to 99 dollars. And speaking of dollars, you should know that payments are made in United States dollars. Also, there is a special plan that costs $990 per month. It looks expensive but it is designed for customers with great needs.
Be that as it may, thanks to these characteristics you will obtain the future prices of wood.
Also published on Medium.