Commodities can be bought and sold on the futures market for delivery in the future. When two parties sign a futures contract, they are essentially agreeing to purchase or sell a commodity at a predetermined point in the future for a price that has already been determined. Its objective is to provide producers and consumers of commodities with a hedge against price changes.
Coal is currently the most frequently used fossil fuel on the planet. It is used in the production of electricity, the heating of houses, and the operation of enterprises. Coal futures allow investors to speculate on the price of coal without actually having to buy or sell any coal itself. These contracts are traded on several different exchanges throughout the world. The most prominent exchange for coal futures is the New York Mercantile Exchange (NYMEX). The coal covered by this contract, which will be transported to the Port of Newcastle, has an energy content of 15 MJ/kg and was mined in Newcastle, NSW, Australia.
If you’re looking for ways to enhance your trading strategies, you should try using a coal price API. This API can help you access real-time data on coal futures without having to spend hours writing code yourself. From the many options on the market, we recommend using the commodities API. This API will allow you to access real-time data on several commodities.
Commodities API
The commodities API is a tool that will allow you to get live pricing data for coal futures contracts and other commodities. The API offers a large number of endpoints, each of which completes a certain task. For instance, you can also use this API to track trends over time by using the historical data endpoint. The other endpoints include the fluctuation data and the conversion data endpoints. You may instantly access the commodity type (sugar, coal, gasoline), and you will receive a response in JSON format at a very high degree of granularity. This API is what you need if you want to follow market trends and improve your trading decisions.
How To Get Started With This API
Simply sign up for a profile on the commodities API website. Following, choose the base currency, enter the commodity’s futures symbol as an input, and then specify the endpoint. Finally, press “run” to launch the API request and wait a short while for the output.
For instance, when we used the endpoint “Latest rates,” the base currency “USD,” and the symbol “COAL,” we obtained the results shown below:
{"data":{"success":true,"timestamp":1684731120,"date":"2023-05-22","base":"USD","rates":{"COAL":0.0084033613445378},"unit":{"COAL":"per tonne"}}}According to this answer, one USD is equal to 0.0084033613445378 tons of coal.
The commodities API is a fantastic place to start enhancing your trading strategies in coal or any other commodity! It will provide live pricing data that can help you keep up with market trends. Overall, it will allow you to make more informed decisions about your trading strategies. Additionally, you are permitted to send up to 100.000 API requests each month and to obtain data updates every 60 seconds. Do not wait any longer and get this API right away!