Do you wish to obtain trading commodities rates? Then use an API!
Commodities are raw resources needed to make finished items. Commodities include agricultural goods, mineral ores, and fossil fuels—basically, any natural resource utilized by businesses and individuals. Commodities are tangible commodities that are purchased, sold, and exchanged in markets, as opposed to securities, which exist solely as financial contracts.
Commodity prices fluctuate continuously as supply and demand in a single economy and throughout the world alter. A poor crop in India might raise grain costs, while rising oil output in the Middle East could lower global oil prices. Commodity investors seek to profit from supply and demand movements or to limit risk by diversifying their portfolios by adding diverse asset classes.
Commodities are classified into four types:
- Energy: Oil, natural gas, coal, ethanol, and even uranium are all part of the energy industry. Energy also includes kinds of renewable energy, such wind power and solar power.
- Metals: Precious metals such as gold, silver, palladium, and platinum are examples of commodity metals, as are industrial metals such as iron ore, tin, copper, aluminum, and zinc.
- Agriculture: Agriculture includes both food items like cocoa, maize, sugar, and wheat, as well as non-edible products like cotton, palm oil, and rubber.
- Livestock: All living animals, such as cattle and hogs, are considered livestock.
Commodity trading is the exchange of various assets, usually futures contracts, depending on the price of an underlying physical commodity. Investors place wagers on the predicted future value of a commodity by buying or selling futures contracts. If they believe the price of a commodity will rise, they buy specific futures contracts (or go long), and if they believe the price will decrease, they sell other futures contracts (or go short).
But how can you know the price of different commodities all the time? Well, for that we recommend using an API, which is an interface that can get you information about any type of data you want to check. This is used by many different websites for a whole lot of diverse purposes.
About APIs
To utilize this, you must locate software that allows you to access the API once per hour. There are many of them available online, but you should be cautious about which one you select because not all of them function the same way or provide the same results.
To save time and money, we strongly advise you to utilize Commodities-API, one of the most advantageous commodity rate tools accessible. This API retrieves price data from over 15 trustworthy data sources, including banks and financial data, every minute.
To get the API with hourly price, you must first do the following:
- Create your own API key at www.commodities-API.com.
- Find the commodity and currency symbols you want to check.
- 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 rates. The website will give you with an API in a variety of computer languages that you are free to alter and use in any way you see fit.
Why This Software?
Commodities-API can provide real-time commodity data with a 2 decimal point precision and a frequency of up to 60 seconds. Exchange rates for practically every commodity are available, as well as Precious Metals, currency conversion, Time-Series data, and volatility statistics.
Rice, wheat, coffee, corn, sugar, Brent crude oil, West Texas Intermediate crude oil, soybeans, gold, silver, and other commodities all see price increases. This API delivers precise commodity and exchange rate data for nearly every commodity, as well as 170 different foreign currencies, including Bitcoin and other major cryptocurrencies.
Also published on Medium.