Would you like to get commodity prices? More specifically the futures market? Unfortunately, the world is experiencing a time of crisis, like the one that occurred in 2009. And due to this price volatility, the futures market is the best option in these times.
Commodities are generic goods; that is, they do not have a differentiation between them. Normally when we talk about commodities, we talk about raw materials or primary goods, highlighting, for example, wheat; which is grown anywhere in the world and will have the same price and the same quality. They have a number of common characteristics, regardless of where they are sourced or who their producer is. Therefore, the prices of these products are set in international markets and are based on the law of supply/demand. But it does not always depend on this, sometimes there are external factors.
The agricultural droughts this year, the tension in the Middle East, the war between Russia and Ukraine, and the inflation in the United States and Europe, have had an impact on world markets. Geopolitical, climatic, and conjectural issues of all kinds affect this market. And therefore, the historical volatility of most commodities is close to 30% per year. This means that over the course of a year, the price of a commodity will fluctuate by an average of 30%. The volatility of these products allows their investors to have large profits or losses.
However, human beings invented a way to prevent this volatility and this mechanism is the futures market. A consumer agrees to buy a product for a fixed amount of money at some future time. It is a risky bet but it can go well or badly. In order to obtain these prices, we suggest the use of Commodities-API, the best API for commodity data.
Why Commodities-API?
There are a number of reasons to use Commodities-API if you’re wondering why. It is now the top service for tracking commodity prices since it enables you to keep tabs on the costs of a wide range of goods, including rice, coffee, corn, sugar, wheat, crude oil, natural gas, and coffee, among others. And don’t worry about your own country; because of its remarkable convertibility system, the prices will be provided in your nation’s legal tender. Even these prices are given every 60 seconds with a two-decimal place precision. These features may help you from suffering a significant financial loss during periods of extreme economic volatility. In addition, this system not only offers spot prices but also futures prices. Features like this will definitely save you a lot of money.
If you’re curious, the data comes from 15 reputable sources from around the world, all of which vouch for the accuracy of commodity futures prices.
How should one go about getting future commodities prices? We have created the following guidelines to help you operate this system:
1. Obtain the API key first. You must register at www.commodities-API.com in order to do this.
2. Choosing a plan is the second step (check the pricing section).
3. Select the commodity and the legal tender of your nation.
4- Once you’ve made a decision, make the API call. The “API calls” you receive will vary depending on the package you select.
4- The website will provide an API that you may use, tweak, and adapt as necessary in a number of computer languages.
Also published on Medium.