Do you have companies that work with many commodities? Are you worried about the world situation? Without a doubt, volatility is a worrying problem, although it is impossible to avoid it if it can be prevented with this API. It is the best API for commodity data.
Commodities are basic products used by people and industries. Some examples of these are agricultural commodities, which are grown for human consumption and include cereals, coffee, corn, and wheat. But there is also the livestock industry, live cattle, lean hogs, among others. Other products are the resources that are generally extracted through mining, specifically metals such as copper, iron, aluminum, among others. Finally, there are energy commodities such as oil, natural gas, ethanol, among others.
However, commodity prices can fluctuate wildly due to changes in supply and demand. For example, when there is a large harvest of a certain agricultural crop, the price usually goes down. When crops may fail, prices rise because buyers pay more to secure the supplies they need. Hard commodities, and in particular energy, can fluctuate with the broader economy. During a recession, for example, the price of oil will tend to fall as there is less demand for fuel for vehicles, from aircraft and shipping to trucking.
Currently, there is a war between Ukraine and Russia, a country that supplies the world with many resources. By reducing these resources, scarcity was generated, increasing prices and transferring that volatility to other commodities. For these reasons, if you want to keep your investments safe, the best option is to use the Commodities-API service, which will be like an alarm. If you want more details about this service, we will give them to you below_
Why Commodities-API?
Commodities-API is an API. In case you don’t know, an API is the code that determines the operation of a computer program that is used to channel information from one part of a piece of software to another. APIs allow an application to extract pre-existing files or data within one piece of software and use it in another program or one of its other tiers. In this case, Commodities-API collects price information from more than 15 trusted data sources, such as financial institutions and banks, and provides it to you quickly. All commodity data is delivered in real time with an accuracy of 2 decimal places and a frequency of up to 60 seconds. With accurate information like this, you’ll be able to stay alert to any price fluctuations.
Currency and commodity price conversion is supported using the same API endpoints and can be used to convert any amount from one currency to another, or from one commodity to any commodity, and from any currency to any commodity. Capabilities include delivering exchange rates for almost any Commodity, converting single currencies, returning Time-Series data and fluctuation data.
Using this service is quite easy, just follow these instructions:
1- Go to www.commodities-API.com.
2- Generate the API key.
3- Register with your data and then choose a plan. Currently, Commodities-API has 3 plans, free, basic and professional. Take a good look at the differences between each one.
4- When you finish with the above, select the symbol of the commodity you want and then choose in which currency you want to see the prices. There are 170 coins available.
5- Once selected, make the API Call.
6-As a programming language you have the option of using JSON or PHP.
Also published on Medium.