Let us start by identifying commodities as the basic materials used to create the goods that people purchase, such as food, furniture, and gasoline or petrol.
Secondly, these materials can be divided into the following categories:
- Agricultural: for example, wheat
- Crude oil, for example, is a source of energy.
- Gold, silver, and other precious metals are examples of metals.
- Sugar, cotton, and coffee are all soft commodities.
Furthermore, the last ones are those that cannot be kept for a long time.
For the last thirty years, commodities have grown in popularity as an asset class. Investors can now participate in the commodities futures markets in a variety of ways, covering a wide range of commodity exposures.
Commodities, for example, are one of the few types of investments that benefit from rising inflation. When demand for products climbs, so do the prices and the commodities that are used to make supplies.
Some of the most common commodities are coffee, crude oil, cotton, sugar, rice, wheat, and precious metals as well.
For getting this kind of information in an automated way, you can use programming languages such as Python.
Python
Python is a programming language that is frequently used to create websites and applications, automate operations, and perform data analysis.
Its design philosophy prioritizes code readability by employing a lot of underlining. Also, its language features are designed to assist programmers in writing clear, logical code for both small and large-scale projects.
Is frequently used in website and software development, as well as task automation, data analysis, and data visualization. Nevertheless, Python has been used by many non-programmers, such as accountants and scientists, for a number of typical activities.
However, Python needs to be sourced from another software that provides real-time information about commodities rates in a range of currencies. Indeed, there are various online resources accessible (even cryptocurrencies)
Commodities-api.com, on the other hand, is usually the superior option. This is a website that allows you to keep track of the price of a number of different commodities. Finally, you’ll be able to estimate prices and convert them to your favorite currency with ease.
What exactly is it?
This web API provides precise rate data for a wide range of commodities in a variety of currencies.
Commodities-API started as a straightforward, minimalist Open-Source API for financial institutions’ recent and historical commodity prices.
Precision
With an accuracy of two decimal points and a speed of up to every 60 seconds, the API can provide real-time commodity 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. Only a handful of the tasks include delivering commodity exchange rates, converting single currencies, and returning Time-Series and Fluctuation data.
Safe
The Commodities-API 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 expertise, this API is the most popular site for commodity rates.
Also published on Medium.