If you want to invest in commodities, there is an API that will help you to obtain real-time data of the goods you are interested in.
A commodity has been defined as a basic good used in commerce that is interchangeable with other goods of the same type. The general quality and quantity of a good are essentially uniform even if there are small divergences in quality from time to time.
Real-time rate – refers to the reflection of the most up-to-date prices of certain products or commodities, including those associated with online brokerages. As an example, online brokerages provide a real-time rate quote stream that displays stock quotations and their associated real-time changes.
Though commodities can be tangible like wheat, cotton, or oil, they can also be mental or verbal like orange juice concentrate and pork belly. These two examples illustrate that commodities are typically associated with raw materials for production or consumption purposes. Commodities may also include finished goods or other items that would seem not to be considered “commodities” in themselves because they are intermediate products (since the final product is manufactured from a number of different individual commodities).
For instance, electricity is readily sold by power producers across the globe but it has become a commodity due to its widespread use as an intermediate product within many manufacturing operations.
If you are really interested in investing in this type of business, you need to know the most updated and real-time 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.
In these terms, 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 is a piece of software that displays real-time commodities data. Depending on the plan, it can update every 10 minutes or every 60 seconds. It also provides historical data, allowing you to reflect on previous events and make plans for the future.
Rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, gold, silver, and a range of other commodities and currencies are supported by Commodities-API. This method can be used to get real-time rates on a variety of commodities.
Moreover, this program obtains data from banks and the stock market via an API, making it totally reliable. The data is then delivered with a two-decimal point precision and is adaptable to JSON, PHP, and Python. Commodities-API uses bank-grade 256-bit SSL encryption to protect your connection.
If you’re looking for specific commodity data, you’ll need to do the following steps:
1. To receive your API key, first, create an account at www.commodities-api.com.
2. Look into the commodities and currencies that interest you.
3. Once you’ve got both of them, call the API with them.
4. A JSON response will be returned, which you can edit and utilize as needed.
Also published on Medium.