Are you searching an API for commodity data? Read this post and check your investments with these three options of market data softwares!
Futures are a sort of derivative contract that allows you to purchase or trade a certain commodity asset or security at a predetermined future date and price. Futures contracts, or simply “futures,” are traded on futures exchanges such as the CME Group and require a futures-approved trading profile.
The futures price is a consented cost in an agreement (known as a futures contract) between two parties for the sale and delivery of an item at a subsequent date. The spot price of a commodity is typically used to establish the price of a futures contract—at certainly as a preliminary step.
Futures prices also imply predicted changes in supply and demand, without the risk of no geeting the rate of return for the commodity owner, and the expenses of the item shipping and storing costs (if the underlying asset is a commodity) until the futures contract matures and the transaction takes place
The futures price of a commodity is determined by its present spot price plus the cost of carry during the interim period before fulfillment. The cost of carry is the price of storing the commodity, which contributions have added up, reinsurance, and other ancillary charges.
Commodity futures prices are not usually greater than spot prices. Futures prices take into account supply and demand projections, as well as production levels, among other things. The discrepancy between a commodity’s spot price and futures price at any particular time is due to transport costs and bond yields.
Because commodities depend on different factors such as the economy of a country, the climate, the social situation of farmers, among others, we bring you these three open-source software options that will help you find the best movements of commodities in the world market:
Commodities-API
Users may get commodities pricing for goods like coffee, rice, sugar, and wheat using Commodities–API, a clear and open public API. The Commodities-API may give data in any currencies you desire, with an accuracy of two decimal places, from a range of more than 170 options. Also every month, you are allowed to perform 100.000 API requests and get data updates every 60 seconds.
Commodities-API´API calls can be used to adjust the values of commodities and currencies, and any quantity can be converted from one currency or commodity to another or vice versa. The API provides access to midpoint data for all commodities and exchange currencies. The average median bid and ask rates over a period of time are used to establish the midpoint rates.
Barchart
Among the first organizations to provide information on the futures and commodity markets was Global financial technology company Barchart competitive response information and services to the financial, media, and commodities sectors. While Barchart’s entertainment brands provide news, periodicals, and web content to help its diverse customer base of financial and commodity professionals make choices, Barchart’s unique data, software, and technology solutions power those businesses to front backend.
CommoPrices
By using CommoPrices you have access to more than 10,000 commodities’ and indicators’ information. The data may be updated daily, weekly, or monthly, based on the locality. Therefore more knowledge a market has, the more liquid it becomes. One can discover out more information by going to www.api.commoprices.com and searching for the commodity you want to learn more about. For security reasons, they employ HTTPS to encrypt interactions between your browser and their servers.