Are you starting in the world of finance? Are you looking for the best product to invest? You don’t know how to move in the market? Use these three APIs to achieve it!
We can define a commodity as any good that has value or utility, and a very low level of differentiation or specialization. But this does not mean that all those goods that do not have differentiation are commodities, since, for example, seawater is not a commodity because it does not have a value or utility. A commodity could be sugar which is made from sugar beets or sugar cane that has been processed. Sugar can be extracted readily from both, and they both contain a lot of sucrose.
Sugar beets are a root crop that grows abundantly as a tropical grass in warm, tropical climes, but sugar cane is a tropical grass that prefers a more moderate temperature. However, the sugar generated after processing is nearly same. Sugar cane is grown in almost every country with a warm environment. Brazil is by far the world’s largest producer, followed by India, China, Thailand, Pakistan, Mexico, and Colombia. Russia, France, the United States, Germany, and Turkey, on the other hand, are among the top producers of sugar beets.
In order to understand the metrics of a product in the market, we must understand that every day there are rises and falls in the market of any type of currency and product. To measure these movements, we recommend three APIs:
Commodities-API
Commodities-API It’s a free public API that gives you commodity prices for things like coffee, rice, sugar, and wheat.
To get the information, simply log in to the website, receive an API key, and then choose the relevant currency and commodity. That’s all there is to it, and you’re free to utilize the API as you want. The Commodities-API can supply data in whatever currency you choose, with an accuracy of 2 decimal points, from a list of over 170 options. You can get 60-second data updates and make 100.000 API queries each month.
The same API endpoints may be used to convert currency and commodity prices, and any amount can be converted from one currency to another, as well as from one commodity to another, and from any currency to any currency. The API provides midpoint data for all commodities and exchange currencies. The average median bid and ask rates over a period of time are used to compute the midpoint rates.
Barchart
Barchart was one of the first websites to provide commodity and futures market information. Is a multinational financial technology firm that serves the financial, media, and commodities industries with market data and services. Barchart’s unique data, software, and technology solutions power their diverse client base’s operations from front to back office, while its media brands provide web content, news, and publications to help financial and commodities professionals make choices.
Commo-Prices
This API allows you access to the prices and values of over 10,000 commodities and indices. The data may be updated daily, weekly, or monthly, depending on the source. The more data a market has, the more liquid it is. You may learn more by going to www.api.commoprices.com and searching for the commodity you want to learn about. They encrypt queries between your browser and their servers using HTTPS for security reasons.