Are you interested in investing? Did you know that you can access accurate data easily! Find in this article how to invest intelligently in this commodities rates API!
Commodities are a critical component of the financial market. This is due to the fact that they are necessary for producers and manufacturers. A commodity is a fundamental product or raw resource that is utilized to produce all of the products and services that we use in our daily lives.
Oil, gas, coffee, soybeans, and rice are just a few of the commodities available. Commodity markets throughout the globe, such as the Chicago Mercantile Exchange (CME), the London Metals Exchange, and the Intercontinental Exchange, trade these commodities (ICE). Commodity investing allows investors to diversify their portfolios, especially during periods of market instability.
When a commodity’s market price is cited in the media, it’s usually its market futures price. The futures price differs from the spot price, often known as the cash price, which is the current price of the commodity. For example, if an oil refiner buys 10,000 barrels of oil from an oil producer for $50 per barrel, the spot price is $50 per barrel. At any particular time, the futures price might be higher or lower than the spot price.
There are sites that help organize your finances in an accurate and organized way online, giving monetized exchanges of various currencies and products. One site we highly recommend is Commodities-API.
Summary On Commodities-API
Commodities-API It’s a company that provides monetized data on coffee, cereals, and oils, among other things. It does so by collecting information using an API, which takes less than a minute to set up after financial institutions agree to collaborate. On this platform, you may pick from 170 different currencies and commodities.
How To Use The Site
Commodities-API it´s a very easy platform to use, just follow these steps:
- At www.commodities-API.com, you may create your own API key.
- Look for the commodity and currency symbols that you wish to utilize.
- Find the product and money in the list by using these symbols. Make the API call when you’ve decided on them.
- Find out about the most recent price changes. The website will provide you with an API in a number of computer languages that you may alter and use whatever you like.
Accurate Data
With an accuracy of 2 decimal points and over 170 different options, the Commodities-API allows you to access data in whatever currency you choose. You may also get data updates every 60 seconds and make 100.000 API queries every month.
A Secure Platform
Commodities-API collects data from banks and stock exchanges and uses it to give you with the most reliable and secure data available. Apart from that, this commodities prices API uses bank-grade 256-bit SSL encryption to ensure the security of your connection.
The same API endpoints are used to convert currency and commodity prices, allowing you to convert any amount from one currency to another, any commodity to any commodity, and any currency to any currency. For all commodities and currency rates, the API delivers midpoint data. Midpoint rates are calculated using the average median rate of Bid and Ask during a certain time period.
Visit their website for additional details.