As coffee has become such an essential part of people’s lives all across the world, it has established its own industry. Roasters, packers, farmers, marketers, and coffee equipment makers are all involved in the coffee industry.
Producers
Brazil is the world’s largest coffee producer, producing approximately 2.600.000 metric tons each year. Also, followed by Vietnam, Colombia, Indonesia, and Ethiopia, makes the Top 5 exporting countries.
Prices
Coffee prices, like any other commodity, are impacted by a variety of factors, including:
- Political crises and instability have an impact on the market.
- Climate: Indeed, cherry coffee plants are particularly sensitive to changes in the weather.
- Demand: Because this isn’t a basic need, demand fluctuates with the economy and people’s ability to buy and spend money on it.
- Besides, grains are exported all over the world, therefore transportation and energy prices have a role.
Investment
Accordingly to its improving performance, this is a cost-effective investment.
However, you should be aware that prices fluctuate frequently, making forecasting problematic. Furthermore, an API can provide real-time pricing, but not all apps can provide historical rates.
For real-time and historical commodity rates in a range of currencies, there are various online resources accessible (even crypto).
Commodities-api.com is a website that lets you track the price of a number of different commodities. Finally, you can predict prices and convert them to your favorite currency with ease.
Commodities-API
This web application gathers market data prices in a range of currencies from various sources and organizations throughout the world. Commercial sources are also preferred because, especially for large currencies and commodities, they better reflect market exchange rates.
Commodities-API originated as a modest, minimalist Open-Source API for financial institutions’ recent and historical commodity prices.
Fluctuation Endpoint
The Commodities-API fluctuation endpoint can provide information on how currencies fluctuate on a daily basis. Firstly, set a start and end date, then select the currencies for which you want to query the API. Please note that the maximum duration is 365 days.
API Request:
https://commodities-api.com/api/fluctuation ? access_key = API_KEY & start_date = 2015-12-01 & end_date = 2015-12-24
API Response:
{
"success":true,
"fluctuation":true,
"start_date":"2018-02-25",
"end_date":"2018-02-26",
"base":"EUR",
"rates":{
"USD":{
"start_rate":1.228952,
"end_rate":1.232735,
"change":0.0038,
"change_pct":0.3078
},
"JPY":{
"start_rate":131.587611,
"end_rate":131.651142,
"change":0.0635,
"change_pct":0.0483
},
[...]
}
}
Precision
With an accuracy of two decimal points and a frequency of 60 seconds, the API can provide real-time commodities data. Also, Commodities-API is designed on a solid back-end architecture that guarantees high availability and response times for specified API calls of less than 50 milliseconds. Only a handful of the tasks include delivering commodity exchange rates, converting single currencies, and returning Time-Series and Fluctuation data.
Encrypted
The Commodities-API protects your connection with bank-grade 256-bit SSL security.
Commodities-API is used by thousands of developers, small businesses, and huge corporations on a daily basis. Because of its reliable data sources and 6+ years of experience, this API is the most popular.
Also published on Medium.