Coal is a fossil fuel that is burned to produce electricity and heat. This commodity is traded on the commodities market. This means that there is a futures market for coal. Coal futures are futures contracts for coal delivered at a specified point in the future. Consequently, these are used by investors to hedge against future increases in the price of coal.
The price of a coal futures contract is determined by the balance between demand and supply in the market. There are several methods that you can use to forecast the future price of coal, regression analysis, econometric models, and algorithmic models. However, a straightforward way is by using a coal prices API. This kind of API helps you get all the information you need about coal futures without having to spend hours looking for it online or in books. This information can then be used to make better decisions about investing in coal futures or just knowing more about them.
Advantage Of A Coal Prices API
There are many advantages to using an API for coal futures. First, a coal prices API allows you to get up-to-date data on prices. This data can then be used to create accurate price forecasts. Second, it might allow you to access historical data on prices. This data can be used to create accurate price forecasts. There are many coal prices APIs out there that allow you to get all this information, but we recommend using the commodities API.
Commodities API
The commodities API is a portal that offers real-time pricing details for futures contracts on coal as well as other commodities, including wheat, gasoline, and more. This API offers a vast selection of endpoints that provide a particular set of data. For example, when using the latest rates endpoint, you will get the most recent pricing information for coal. As a result, you’ll be better able to comprehend coal price fluctuations and how you could benefit from them.
The commodities API is a practical solution for developers. It prevents them from having to start the API creation process from scratch each time. Its results are given conveniently in JSON format, making it simple to integrate into running programs or webpages.
How To Get Started
Getting started with the commodities API is easy as 1, 2, 3! All you have to do is:
- Sign up by creating an account on the commodities API webpage.
- Select the endpoint, base currency, and symbol (asset code).
- Start the API call by clicking “run”. You will receive all the information in just a few seconds.
As an illustration, we select the “Latest rates” endpoint and input “USD” as the base currency and “COAL” as the symbol using the “Latest rates” endpoint. Next, we got the outcomes that are displayed below:
{"data":{"success":true,"timestamp":1684810680,"date":"2023-05-23","base":"USD","rates":{"COAL":0.0083507306889353},"unit":{"COAL":"per tonne"}}}According to this reply, 0.0083507306889353 tonnes of coal are equivalent to one US dollar.
If you are in the energy business, you may be interested in using a coal prices API for energy price forecasting, and the commodities API is the right tool for you! By using this API, coal will not be the only asset on which you can track price information. You may access data on other assets such as gasoline, wheat, and many others. Furthermore, this API allows you to make up to 100.000 API requests each month.