In this post, we talk about the impact of Newcastle coal futures on the global coal industry. If you want to know more, keep reading!
In terms of production, China is also the largest producer of coal in the world, followed by Russia and the United States. It should be noted that China produces almost twice as much coal as any other country in the world. When we talk about coal futures, we refer to contracts for future delivery of a specific quantity and grade of coal. These contracts are traded on futures exchanges such as NYMEX or ICE Futures. Coal futures provide a way for buyers and sellers to agree on a price for coal at a specified time in the future. This allows both parties to lock in an agreed-upon price for coal.
If you’re wondering what an API is, let us explain: Application Programming Interface. APIs are interfaces that allow different applications and services to communicate with each other. An API works by providing access to data or functionality that would otherwise be unavailable to another system or application. In this case, we’re talking about the Coal Prices API which provides information on the current state of Newcastle’s coal market.
This API allows users to get data on current prices, historical prices, and more. This information can be used by companies in the global coal industry to make better decisions about pricing, production levels, and more. APIs are essential for integrating external systems into larger systems or applications and they are used by many industries including the global coal industry
The Commodity Futures Trading Commission (CFTC) regulates futures exchanges, where futures contracts are commonly exchanged. Due to their cheap margin requirements and great liquidity, futures contracts have grown in popularity in recent years.
Commodities API
Developers can get real-time data on valued commodities through the Commodities API, which is offered by more than 10 different exchange rate data providers for commodities pricing. The API contains numerous endpoints, each of which serves a distinct purpose. The endpoint can send API requests for data on one or more currencies, data on daily changes, value conversion, and time series data for one or more currencies. It can also send API requests for the most recent commodity rate information for all or a selected subset of currencies.
Depending on the commodity you’re looking for, this API will provide you with a variety of replies. In this instance, we’re interested in finding out more about coal. The coal symbol offered by the API (COAL) can be used to look up information about it:
{"data":{"success":true,"timestamp":1683666360,"date":"2023-05-09","base":"USD","rates":{"COAL":0.008},"unit":{"COAL":"per tonne"}}}
One dollar is equal to 0.008 tonnes of coal, as you can see in the response.
All You Have To Do To Utilize It Is:
- Go to Commodities API and simply sign up, when you are done you’ll be ready to start using the API!
- Employ the different API endpoints using the symbols given by the API depending on what you are looking for.
- Once you meet your needed endpoint, make the API call by pressing the button “run” and see the results on your screen.
The Commodities-API offers data with a two-decimal place precision in more than 170 different currencies. You can perform up to 100.000 API requests each month and receive data updates every 60 seconds, depending on the subscription you choose. This API also comes with a seven-day trial period.