Are you looking for a good way to get CME group rates? Then use an API!
Commodities are naturally occurring resources or objects that are obtained and processed for use in human activities, such as oil, sugar, and precious metals. Raw materials are the backbone of our economy since they are necessary for the production of food, energy, and clothing.
The Chicago Mercantile Exchange (CME) is a global derivatives marketplace and an agricultural commodities market formed in 1898. It is the world’s largest and most varied derivatives market, and where the world comes to manage risk.
They assist in dealing with uncertainty and turbulence with confidence and clarity and help market participants manage risk and capitalize on opportunities throughout the trading lifecycle and throughout the world. Besides, trading takes place in two ways: open outcry and on the CME Globex Trading System, an electronic trading platform. On CME Globex, more than 90% of overall volume at the exchange is traded electronically.
But, how can you get CME group rates of any commodity in real-time? For that, use an API.
About APIs
An API is a technology that receives data from a place and sends it to the person who initiated the API request. This is common on many websites and is really handy when you need up-to-date information as soon as possible.
You must first identify software that delivers this data before you can use an API that exposes it. There are plenty of them available online, but they all function differently. As a result, you should act with caution when acquiring software to avoid wasting time and money since not every single one can give you CME group rates.
To save time and money, we strongly advise you to utilize which we feel is the most comprehensive API available online: Commodities-API. This is a free public API that gives commodities rates in several currencies, such as coffee, rice, and sugar. It has an accuracy of 2 decimal points and over 170 currencies to pick from, making it the most helpful tool available at the present.
To get the API with hourly price, you must first do the following:
- Register for your own API key at www.commodities-API.com.
- Look for the commodity and currency symbols that you want to use.
- Using these symbols, locate the product and money in the list. After you’ve settled on them, make the API call.
- Look for the most recent pricing. The website will give an API in a variety of computer languages that you are free to modify and use anyway you see fit.
The following will be the final request:
{
"success": true,
"timestamp": 1519296206,
"base": "XAU",
"date": "2018-09-10",
"rates": {
"AUD": 1.566015,
"CAD": 1.560132,
"CHF": 1.154727,
"CNY": 7.827874,
"GBP": 0.882047,
"JPY": 132.360679,
"USD": 1.23396,
[...]
}
}
Additional Details about This API
Commodities-API can provide real-time commodity data with a 2 decimal point precision and a frequency of up to 60 seconds. There are exchange rates for practically every commodity, Precious Metals, currency conversion, Time-Series data, and volatility statistics accessible.
Rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, gold, silver, and other commodities are all supported. This API delivers precise commodity and exchange rate data for practically every commodity, as well as 170 different foreign currencies, including Bitcoin and other major cryptocurrencies.
Also published on Medium.