If you are part of a company and you want to manage your risks in the supply chain, you should read this article and learn about the Newcastle Coal Futures. 

Supply chain risk is the phrase used to describe the possibility of harm to a company’s operations and revenue as a result of a supply network disruption. Numerous things, such as natural disasters, geopolitical events, shortages of supplies, or even internal mistakes, might contribute to this. Although it is hard to totally eliminate risk, there are steps that businesses can take to reduce the likelihood of a disruption and get ready in case one does happen. One such stage is supply chain risk management, which entails keeping an eye on and assessing the supply chain while also taking precautions against any potential hazards.

Utilizing a Coal Prices API is another strategy for reducing supply chain risk. A set of protocols known as an application programming interface (API) enables communication between two software programs. 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.

There are several steps that firms may take to reduce supply chain risk. The first step is to assess the risks. This process includes evaluating the likelihood and effects of potential supply chain threats. Based on the results of the assessment, businesses can then implement risk-mitigation measures.

Finally, because they are updated more regularly with fresh features and data, APIs are frequently more dependable than conventional exchanges. Considering that you now understand how to use Newcastle Coal Futures, we advise using the Commodities API.

Commodities API

Commodities-API began as a straightforward, lightweight Open-Source API for current and historical commodity rates released 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.

You can obtain data from a variety of goods using this API. After you submit a certain symbol that the API will supply into the endpoint, it will return a response that resembles this. Every object has a special symbol.

{"data":{"success":true,"timestamp":1684793280,"date":"2023-05-22","base":"USD","rates":{"COAL":0.0083507306889353},"unit":{"COAL":"per tonne"}}}

On this particular occasion, we required pricing and data for coal futures, and this API gave us the symbol “COAL”. 0.0083507306889353 tonnes of coal are equal to one US dollar, according to this.

Every minute, statistics on commodity prices are gathered from more than 15 reliable data sources using the API for Commodities Prices. 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.