Would you like to be up to date with the latest commodity market prices? Well here in this post, we will offer you the solution to your problems! It is a tool that will surely serve you. It is the best commodities rates API.
A commodity is a raw material that is consumed directly or used to make other products. Commodities have been the basis of the world economy and for this reason, they are currently traded in the financial market. For example, bread that is baked in the oven is the end product, but you can’t make it directly. For that, you first need eggs, wheat flour, milk, sugar, and all the other things you have to combine to create the different types of bread. The economy works the same way. It requires copper, oil, steel, and iron so that it can become a value-added product.
Commodity markets can be generally divided into two classes: Soft Commodities and Hard Commodities. The products in the first group are mostly food-related products, which have a shelf life. They are usually farmed rather than mined. These are also renewable products, meaning they can be replaced or re-grown. On the other hand, hard commodities are things that can last forever, since their main characteristic is that they are imperishable. Also, they are non-renewable, which means there are only a finite amount of each of these products. Having a finite amount of something creates scarcity, which makes the price of these products different from soft products.
Currently, many commodity exchanges are responsible for offering the prices of only some commodities. But there are many commodities out there, so checking with multiple sources is a very cumbersome task. The best thing is to update the price of all commodities in one place and what better than Commodities-API for this task!
Why Commodities-API?
If you are wondering why you should use Commodities-API, then there are several reasons. First of all, it is currently the number 1 commodity pricing service as it allows you to track the price of a variety of commodities including rice, coffee, corn, sugar, wheat, crude oil, natural gas, coffee, among others. And don’t worry about your country of origin, the prices will be delivered in the official currency of your country, thanks to its incredible convertibility system. Even these prices are delivered with an accuracy of two decimal places and are updated every 60 seconds. In times of enormous economic volatility, these features could prevent you from losing a lot of money.
If you are wondering, the information comes from 15 world-renowned sources, which certify 100% that commodity prices are reliable.
How should one proceed to obtain commodity prices? We have prepared some instructions for you to use this system:
1- Obtain the API key. To do this you must register at www.commodities-API.com.
2- Next, choose a plan, which are free or paid, each with its differences (check the pricing section). Then select the raw material and the currency of your country.
3- Make the API call once you have decided them. The number of “API calls” will depend on the plan you choose.
4- The website will offer an API in a variety of programming languages that you can customize, use and adapt as needed.
If you have any problems, please contact Commodities-API customer service. Or send an email to [email protected].
Also published on Medium.