A commodity is defined as:
A material or item that can be bought, sold, or exchanged.
These elements or items are, without a doubt, raw materials for the goods and services we use on a daily basis.
These materials can also be classified into groups like agricultural, energy, metals, and soft materials. Indeed, items that cannot be stored for lengthy periods of time, such as sugar or coffee, fall into this category.
Commodities & Investments
Because commodities are “real assets,” they react to changing economic fundamentals differently than “financial assets.”
These are some of the few asset classes, for example, that gain from rising inflation. When demand for commodities rises, so do the prices of goods and, as a result, the prices of raw resources.
Some commodities may underperform because the global stock market is influenced by a variety of variables. In addition, depending on the commodity and its performance, political and economic variables can pose a danger to investors.
In order to track rates and prices for a variety of commodities, there are some APIs available to extract useful information.
First choice: Commodities-API
On the other side, commodities-api.com is usually always the better option. This is a website where you can track the prices of a wide range of goods.
Finally, you’ll be able to predict rates and convert them to your chosen currency with precision.
This web API provides precise rate data for a wide range of commodities in a variety of currencies.
Commodities-API originated as a modest, minimalist Open-Source API for financial institutions’ recent and historical commodity prices.
Accurate
With a precision of two decimal points and a rate of up to every 60 seconds, the API can provide real-time commodity data. Commodities-API is designed on a solid back-end architecture that provides response speeds for defined API calls of less than 50 milliseconds.
Only a few of the operations include delivering commodity exchange rates, converting single currencies, and returning Time-Series and Fluctuation data.
Secure
The Commodities-API shields your connection with bank-grade 256-bit SSL encryption.
Commodities-API is used by thousands of developers, small businesses, and huge corporations on a daily basis. Because of its dependable data sources and 6+ years of expertise, this API is the most popular site for commodity rates.
Second choice: Commoprices
CommoPrices provides data that is accurate, up-to-date, and independent. They offer a variety of commodities and raw resources.
Third choice: Cmdty
Obtain the commodity prices you require, when you require them and have them delivered today. These commodity data APIs are quick, adaptable, and available on demand.
Also published on Medium.