If you want to invest in commodities, there is an API that will help you to know the historical and current market prices of the goods you’re interested in.
Commodities are vital raw resources for the global economy because they may be used to make more complex goods, resulting in big rewards for the investor who takes the risk.
Rather than representing the raw item itself, commodities represent a contract to sell it in the future. Their costs may include transportation, storage, insurance, and any other activity for the safekeeping of the raw material.
If you are really interested in investing in this type of business, you need to know the updated prices of commodities. To recognize the different opportunities existing in the financial markets, there is an API that may be helpful for your financial background.
What is an API?
An API is a programmatic interface for gathering data from a location and delivering it to you very instantly. This enables you and your clients to check the price of uranium at any time.
You’ll need to find relevant software that has an API for retrieving commodity prices in order to get access to this. This could be a difficult task because not all software is created equal and cannot offer you the information you require.
We strongly advise you to use Commodities-API, one of the most useful and comprehensive commodities rate tools currently available, to save time and effort. This platform supports rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, gold, silver, and a variety of other commodities.
Why Commodities-API?
Commodities-API began as a simple, lightweight Open-Source API for current and historical commodity rates issued by banks and stock exchanges. This API can supply real-time commodities data with a precision of 2 decimal points and a frequency of up to every 60 seconds. Delivering exchange rates for nearly any commodity, precious metals, converting single currencies, returning Time-Series data, and volatility data are just a few of the capabilities.
To obtain the information, you have to:
1. Go to www.commodities-api.com and create an account to get your API key.
2. Look for the commodities and the currencies that you are interested in.
3. Once you’ve got them both, enter them and make the API call.
4. The program will respond with a JSON response that you can adapt and use however you like.
Sign up here
Also published on Medium.