Markets, like the rest of the world, are always evolving. Investors and people in specific businesses, for example, require up-to-date rates.
Undoubtedly, the pricing of the things we consume on a daily basis is based on raw material costs. On the other hand, market rates vary due to stock and demand fluctuations.
Furthermore, markets affect the entire world. Investing in commodities, on the other hand, is a truly excellent strategy to avoid inflation.
Investments
In reality, three key benefits to investors’ projects are frequently mentioned while examining this type of investment: inflation protection, diversity, and return potential.
The most common commodities to invest in are corn, cotton, sugar, rice, crude oil, and wheat.
In addition, these goods can be classified into the following groups:
- Wheat, for example, is an agricultural product.
- Crude oil, for example, is an energy source.
- Metals include gold, silver, and other valuable metals.
- Soft commodities include sugar, cotton, and coffee.
Furthermore, if you’re considering investing in any kind of commodity, it’s important to have fresh information to make smart decisions.
Commodities-api.com is a website that lets you track the price of a number of different commodities. Finally, you can predict prices and convert them to your favorite currency with confidence.
Commodities-API
This web service gathers market data prices in a range of currencies from various sources and organizations throughout the world. Commercial sources are also preferred because, especially for large currencies and commodities, they better reflect market exchange rates.
Commodities-API originated as a modest, minimalist Open-Source API for financial institutions’ recent and historical commodity prices.
Accurate
With a precision of two decimal points and a frequency of 60 seconds, the API can provide real-time commodities data. Commodities-API is designed on a solid back-end architecture that guarantees high availability and response times for specified API calls of less than 50 milliseconds.
Sheltered
The website encrypts your connection with bank-grade 256-bit SSL security.
Commodities-API is used by thousands of developers, small businesses, and huge corporations on a daily basis. Because of its dependable data sources and 6+ years of experience, this API is the most popular.
Endpoints
The API is capable of giving real-time precious commodities data thanks to its 10+ exchange rate data sources. There are numerous endpoints in the API, each providing a particular use case.
Get the most recent commodities rates data for all or a specific set of currencies, convert amounts from one currency to another, obtain Time-Series data for one or multiple currencies, and query the API for daily fluctuation data are all endpoint functions.
Latest Rates Endpoint
API Request:
https://commodities-api.com/api/latest ? access_key = API_KEY & base = USD & symbols = GBP,JPY,EUR
API Response:
{
"success": true,
"timestamp": 1519296206,
"base": "USD",
"date": "2018-09-10",
"rates": {
"GBP": 0.72007,
"JPY": 107.346001,
"EUR": 0.813399,
}
}
Historical Rates Endpoint
API Request:
https://commodities-api.com/api/2013-12-24 ? access_key = API_KEY & base = GBP & symbols = USD,CAD,EUR
API Response:
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "GBP",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}
Also published on Medium.