It’s certain that the world moves really fast and everyday things can change a million times. When you’re in the commodities business, you should know this better than anyone, since prices are changing constantly.
Because of that, you need to stay updated almost every hour on what are the current prices for the commodities of your preference. It can be a tiring job and bring you many problems if you have the wrong data. For that, we recommend you use an API, which is a software intermediate that allows two programs to communicate with one another. You can adapt your API to whatever you want and get constant information that will help your business to grow.
For getting those APIs, there are three big softwares you can check out:
1. Commodities-API
Commodities-API is a free public API that provides commodity pricing for things like coffee, rice, sugar, and wheat, among other things.
To get the data, first, log in to the website, get an API key, and then choose the currency and commodity you want. That’s all there is to it, and you’re free to utilize the API anyway you see fit. The Commodities-API may provide data in whatever currency you choose, with a precision of 2 decimal points, from a list of over 170 options. You can also get 60-second data updates and make 100.000 API queries every month.
The same API endpoints are used to convert currency and commodity prices, and they may be used to convert any amount from one currency to another, as well as from one commodity to another and any currency to any currency. The API provides midpoint data for all commodities and currency rates. The average median rate of Bid and Ask during a certain time period is used to determine midpoint rates.
2. Barchart
Barchart is one of the earliest websites for commodities and futures market data. Is a worldwide financial technology leader that serves the financial, media, and commodities industries with market data and services.
Their diverse customer base relies on Barchart’s unique data, software, and technology solutions to power its operations from front to back office, while their media brands provide financial and commodities professionals with web content, news, and publications to help them make choices.
Barchart has direct access to the markets it serves, including stocks, futures, options, indexes, and foreign currency, as well as dozens of news providers and other data sources. Barchart Opinion and Traders Cheat Sheet are two data-driven analysis tools that can help you enhance your trade management and success.
3. CommoPrices
This API allows getting information on prices and values of more than 10,500 commodities and indexes. Depending on the source, the data might be updated daily, weekly or monthly. The more liquid the market, the more frequent the data. To get the information, you just have to enter www.api.commoprices.com and search for the commodity you are looking for. For security, they use HTTPS to protect the requests between your browser and their servers.
Also published on Medium.