Does your industry need cobalt? Do you need to know the prices of this metal? So, in this post, we will explain how to obtain them thanks to an incredible API. It is the best tool for metal prices.
Cobalt is a ferromagnetic metal, and therefore has magnetic properties similar to those of iron. In fact, if we take a look at the periodic table of elements we will see that it is placed between iron and nickel. This means that the atomic structure, and therefore the chemical properties of these elements, are similar. So much so that a cobalt atom has only one more proton in the nucleus, and also one more electron orbiting around it, than iron. Cobalt is usually found together with nickel, although it is less abundant than the latter (it is estimated that there is 0.02% nickel in the earth’s crust compared to only 0.001% cobalt).
On the other hand, both cobalt and the alloys in which it is involved are highly resistant to wear and corrosion, even when subjected to very high temperatures. In addition, its hardness and its resistance to tension are very similar to those of iron and nickel, which makes it ideal for intervening in alloys used in industrial machinery. Interestingly, cobalt is also part of cobalamin, which is nothing more than vitamin B12. So it is also essential that it is present, in small amounts, in the body of all animals, including us, human beings.
If you want to obtain the prices of this metal, there are many commodity exchanges such as the London Metal Exchange (LME), and New York Mercantile Exchange (NYMEX), which will provide you with world market prices. However, this is not the most efficient way. The best way is to use an API called Metals-API, which will give you the price of all metals in the world (including cobalt), using various commodity exchanges as sources of information. It’s like an all-in-one.
Why Metals-API?
Metals-API is the best service to get metals rates, due to its excellent reliability. For example, it gets all the information from the prestigious London Metal Exchange (LME). Thanks to this, more than 200,000 customers have already expressed their satisfaction when using this system. Some of these clients are very famous and recognized companies such as Jewelers Mutual Group, Injective Protocol and Metex, among other companies.
You should also know that cobalt prices are obtained in real time, with a precision of 2 decimal places and a frequency of up to every 60 seconds (depending clearly on the plan you choose). Capabilities include delivery of precious metal exchange rates, time series data feedback, fluctuation data, and the lowest and highest price of any day. It even includes an excellent currency convertibility system. Another important fact is that you can access the prices in the currency you prefer, for example Japanese yen, Chinese yuan, Brazilian real, etc.
What is the price of Metals-API?
You should know that there is a free version and 6 other paid versions. With any option you will be able to see the cobalt prices without problems, but with some limitations. If these limitations are detrimental to you, then paid plans will be the best option. Prices range from $10 to $1200 per year (not monthly). If you have any questions, remember that on the web you will find a manual on the operation of this system. But if there is something you don’t understand, there is a virtual chat, always online from 9 a.m. to 6 p.m. (GMT+1).
Also published on Medium.