Would you like to acquire the spot rates of the world commodity market? Well, we have excellent news for you! With this awesome API, you will be able to get the prices of all commodities in 2022. It is the best commodities spot rates API.
Commodities are products that are not altered in the marketing process and can be exchanged with others of the same type. That is, these are the goods that can be sold by different companies in the same way. In general, raw materials with little added value are called commodities. They are divided into four groups: energy (crude oil, petroleum derivatives, natural gas, etc.), metals (aluminum, iron, copper, etc.), livestock, meat, and agricultural products (corn, soybeans, wheat, coffee, sugar, cotton, etc.)
There are two main forms of action in the commodities market: agricultural production and the commercial exchange of these raw materials. This second activity is carried out by the so-called traders, who generally work with the transactions of specialized stock markets and stock exchanges. It can be traded in 2 markets, spot and futures. The first one, a person buys commodities at the current price and receives the products immediately. Instead, in the futures market, the person agrees to buy or sell a certain quantity of a certain asset for a certain value, on a stipulated date.
If your objective is to acquire the rates in the Spot market, it is best to use a commodity exchange. However, not all commodity exchanges have all commodities, some specialize in metals, others in agriculture or grains, others in fuels. For this reason, we will recommend you to use the Commodities-API service, which has the Spot prices of all the commodities in the market. We will explain more about this API in the next paragraph.
Why Commodities-API?
Commodities-API, as its name suggests, is an API (short for application programming interface) and describes an interface that facilitates communication between two programs or systems of different types. Thanks to this API, you will be able to receive spot price information from more than 15 reliable data sources, such as financial institutions and banks, which certify the reliability of the information. All spot data is provided in real time with an accuracy of 2 decimal places and a frequency of up to 60 seconds. Capabilities include delivering exchange rates for almost any Commodity, Precious Metals, converting single currencies, returning Time-Series data and fluctuation data.
To view commodity rates, we recommend following these steps:
1- Go to www.commodities-API.com.
2- Generate the API key.
3- Register with your data and then choose a plan. Currently, Commodities-API has 3 plans, free, basic and professional. Take a good look at the differences between each one.
4- When you finish with the above, select the symbol of the raw material you want (corn, wheat, ethanol, oil for example) and then, choose in which currency to see your prices. There are 170 coins available.
5- Once selected, make the API Call.
6-As a programming language you have the option of using JSON or PHP.
Any questions? Send an email to [email protected] or else you also have a virtual chat on the website. In any case, there is an extensive documentation on the website, which will explain each Commodities-API feature in detail. Detailed API Documentation, intuitive code examples and a straightforward API structure will allow you to implement the API in under 10 minutes.
Also published on Medium.