Today we are going to talk about the benefits of using an API for commodity trading. If you want to know them, keep reading!
Coal is used to manufacture steel, generate electricity, power trains and ships, among other things. It is also used to make chemicals, pharmaceuticals, and polymers. Buildings and homes can be heated using coal as well. In Newcastle’s port, coal is unloaded from ships before being transported by train to other parts of Australia or beyond. Because coal is so vital to Australia’s economy, it is traded on the futures market. In other words, coal contracts are bought and sold before the actual delivery of the coal.
Using a Coal Prices API, you can easily deliver real-time data regarding coal futures prices. As a result, you can use this knowledge to decide what goods to buy or sell, as well as how much of each to do. You may easily integrate this API into your own app or website, or even utilize it directly from your app or website, because it supports the JSON format.
This explanation should have made it clear why coal is a valuable resource. Along with energy for companies and power plants, it also supplies heat for houses and other structures. In addition, it is used to generate chemicals and steel.
Coal futures are also traded on the futures market due to its significance in our lives. In other words, contracts for coal are bought and sold before the coal is really delivered. When a person purchases a coal futures contract, they are committing to purchasing a specific quantity of coal at a specific price at a specific point in the future.
If they sell a contract for coal futures, they are agreeing to sell a certain amount of coal at a certain price at a certain time in the future. Because coal futures are traded on an exchange like any other commodity, there are many different companies that offer APIs that allow you to access this information.
Commodities API
This API’s features include scalable volumes, ensured availability, and millisecond response times. The API provides developers with unique endpoints for Time-Series, currency conversion, and other things in addition to live data.
Commodities-API is used daily by thousands of developers, SMBs, and major organizations. Due to its trustworthy data sources and more than six years of experience, our API is the greatest source for commodity pricing.
To Use It, Just Adhere To These Steps:
- To use the API right away, all you need to do is sign up at Commodities API!
- Depending on your needs, use the various API endpoints and the symbols the API offers.
- Simply click “run” to initiate the necessary API call after locating the pertinent endpoint, then observe the outcomes appear on your screen.
You can obtain data from a variety of goods using this API. You will be given a special symbol by the API to insert into the endpoint, and it will then provide a response that resembles this. Every item has a distinctive emblem.
{"data":{"success":true,"timestamp":1684793280,"date":"2023-05-22","base":"USD","rates":{"COAL":0.0083507306889353},"unit":{"COAL":"per tonne"}}}
We needed pricing and data for coal futures on this specific occasion, and this API provided us with the symbol “COAL”. One US dollar is equivalent to 0.0083507306889353 tonnes of coal, according to this response.
The World Bank is one of the organizations and financial data providers that provides commodities data to the API for Commodities Prices. Every day of the year, this API’s exceptional support staff is available.