Are you interested in getting LME copper rates in USD? Then an API can be perfect for you!
Given the importance of copper in the global economy, it stands to reason that you’d want to stay current on the metal’s prices at all times. This product’s significance stems from the fact that it is extremely malleable and ductile, and it is utilized as a heat and electricity conductor, as well as a building material.
This metal may be found in a variety of environments, including as the main mineral in basaltic lavas and as a reduced form of copper compounds. Chile, Peru, and China are its largest producers, whereas Europe mined around 916 kilotonnes of copper in 2016, accounting for 4.6 percent of world production.
On the London Metal Exchange, cash trading is accessible through contracts with daily expiry periods of up to three months from the deal date, weekly contracts of up to six months, and monthly contracts of up to 123 months. It offers hedging, worldwide reference pricing, and the option of physical delivery to settle contracts.
So, if you work in this industry and want to stay updated on different rates in real-time, then you can employ a technology that is incredibly useful and accurate, known as API.
About APIs
An API (application programming interface) is a collection of rules that govern how computers and programs communicate with one another. APIs link an application with a web server, allowing data to be transferred between the two.
It is a collection of methods that enables programs to interface with other software components, operating systems, or microservices. To put it simply, an API gives a user response to a system and receives a response from the system. You click “add to cart,” and an API notifies the site that you have added a product to your shopping; the website adds the product to your cart, and your cart is updated.
A developer can use API to transmit or receive data by making a specified “call” or “request.” This communication is carried out through the use of a programming language known as “JSON.” It can also be used to perform a specific action, such as updating or removing data.
You can find a lot of them on the internet, however not every single one is similar to the other. As a result, we highly advise you to utilize Metals-API, which is quickly becoming one of the most popular and comprehensive APIs, for precious metal values. This application may give you with a number of metals and currencies to utilize on your website.
To take use of it, you must perform the following:
- You may generate your own API key at www.metals-API.com.
- Look for the LME Copper symbol (LME-XCU) and the currency one too (USD).
- Use these symbols to add metal and money to the list before ending the API call. You may also specify the programming language and the pricing range.
- Then you press the “run” button. The program will display the rates in troy ounces.
Is It Safe To Use?
Every minute, the Metals-API API collects exchange rate data from over 15 credible data sources. Banks and financial data companies are among the sources. The API can offer real-time precious metals data with an accuracy of 2 decimal points and a frequency of up to 60 seconds through API.
Metals-API only provides midpoint exchange rate data. Midpoint rates are calculated by taking the average median rate of Bid and Ask at a given moment. Besides, the API can provide precise exchange rate data for precious metals in 170 different world currencies, including Bitcoin and other major cryptocurrencies.
Also published on Medium.