Businesses are all about numbers. You can’t invest or trade without knowing precise information. Even more, old information says a lot about performance.
Sugar, Cotton And Corn
These elements are widely used all over the world, that is why selling and buying it in big amounts is considered an investment.
Even more, planting, harvesting and industrial-manufacturing sugar, cotton or corn it’s a common activity in lots of countries. Although some other countries don’t have the resources to make it themselves, international markets allow trading them. So you can find any of these in any corner of the world
Goods and Raw Materials
A commodity is a basic business good that may be traded for other similar goods. Commodities are commonly used as raw materials in the production of other goods or services.
A commodity’s quality may vary slightly from one producer to the next, but it is generally consistent. When commodities are traded on an exchange, they must also meet certain minimal specifications, referred to as a base grade.
Prices and Investment
Without a doubt, the pricing of the things we consume on a daily basis is based on raw material costs. Market rates, on the other hand, change in response to supply and demand fluctuations.
Moreover, three major benefits to investors’ projects are frequently highlighted when considering this type of investment: inflation protection, diversity, and return possibilities.
Indeed, since markets have an worldwide effect, investing in commodities is an excellent strategy to avoid inflation.
Data
Commodities-api.com is a service that lets you track the prices of a wide range of commodities. Finally, you’ll be able to precisely compute prices and convert them to the currency of your choice.
Commodities-API
This website compiles data prices from around the world in a range of currencies from a variety of sources and organizations. Commercial sources are recognized since they better reflect market exchange rates, especially for large currencies and commodities.
Commodities-API originated as a modest, minimalist Open-Source API for financial institutions’ recent and historical commodity prices.
Accurate
The API can provide real-time commodities data with a two-decimal-point precision and a 60-second frequency. Commodities-API is designed on a solid back-end architecture that guarantees high availability and response times for defined API calls of fewer than 50 milliseconds.
Security
The website encrypts your connection with bank-grade 256-bit SSL protection.
Commodities-API is used by thousands of developers, small businesses, and huge corporations on a daily basis. Because of its solid data sources and 6+ years of expertise, this API is the most popular.
Use The API To
The API has various endpoints, each of which serves a specific purpose. Endpoint functions include getting the most recent commodity rates data for all or a specific set of currencies, converting numbers between currencies, retrieving Time-Series data for one or more currencies, and querying the API for daily fluctuation data.
For Historical Rates, check this endpoint:
API Request:
https://commodities-api.com/api/2013-12-24 ? access_key = API_KEY & base = GBP & symbols = USD,CAD,EUR
API Response:
{
"success": true,
"historical": true,
"date": "2013-12-24",
"timestamp": 1387929599,
"base": "GBP",
"rates": {
"USD": 1.636492,
"EUR": 1.196476,
"CAD": 1.739516
}
}
Also published on Medium.