In this article, we’ll look at how an API works and how you can use one to hedge your coal exposure.

If you’re a coal producer or user, it’s important to keep abreast of the latest developments in the coal industry. By using a coal futures API, you can gain valuable insight into future coal prices and make informed decisions about your business. If you’re a producer or user of coal, you may be concerned about how these developments will affect your business. One way to mitigate these risks is by hedging your exposure to future coal prices with a futures contract.

Traders can obtain real-time data on futures contracts from an online trading platform or brokerage account by using a Coal Prices API. This data consists of details about contracts, quotes, trade histories, and market statistics including prices, volume, and open interest. When using an online trading platform or brokerage account to get real-time data on futures contracts, traders employ APIs. This data consists of details about contracts, quotes, trade histories, and market statistics including prices, volume, and open interest.

A futures contract is an agreement between two parties to buy or sell a commodity at a predetermined price at a specified date in the future. By entering into a futures contract, you can protect yourself against rising prices while also locking in a guaranteed price for your product.

In order to hedge against potential price changes, producers and consumers of Newcastle Coal might use Newcastle Coal Futures contracts. Trading Newcastle Coal Futures contracts enables you to set a price in advance for your goods. You can prevent future unforeseen price changes by doing this.

Let’s Present The Commodities API!

The Commodities-API can give developers real-time precious commodities data because it is supported by 10+ exchange rate data sources for commodities prices. The API has several endpoints, each of which serves a different use case. Endpoint features include retrieving Time-Series data for one or more currencies, converting quantities between one currency and another, getting the most recent commodities rates data for all or a selected range of currencies, and accessing the API for daily fluctuation data.

Next, well show you some definitions that may help you understand the response better:

• API Key: Every API account is given a unique key, which is used to access the API.
• Symbol: Refers to the three-letter metal code or currency code for a specific currency.
• Base Currency: The currency used to measure exchange rates. the currency to which a sum is converted (1 USD is the base currency if X EUR = 1 USD). (If 1 USD is equal to X EUR, then EUR is the target currency).
• Target Currency: The currency into which a conversion is made. (If 1 USD equals X EUR, the target currency is EUR.)
• Base URL: Refers to the URL on which the endpoints and URLs for all API requests are based.

Using this API, you can get data from a wide range of products. To receive a response that looks like this, you must enter a specific symbol provided by the API into the endpoint. Every item has a unique symbol.

{"data":{"success":true,"timestamp":1684879380,"date":"2023-05-23","base":"USD","rates":{"COAL":0.0083507306889353},"unit":{"COAL":"per tonne"}}}

We needed pricing and data for coal futures on this specific occasion, and this API provided us with the symbol “COAL”. 0.0083507306889353 tonnes of coal are equal to one US dollar, according to this.

Multiply all commodity rates by 1, using the USD as the base currency. The values are returned using the base currency. The return in this case is 0.0016359918200409 tonnes of coal (COAL) for 1 USD. To get 119.75 US dollars, divide the cost of coal by 0.0083507306889353.

Simply Follow These Instructions To Use It:

• All you have to do is register at Commodities API if you want to access the API right immediately!
• Find the symbols that correspond to your search.
• Send them an API request with your chosen commodities in the symbol field and your specified currency in the base currency field.

Lacking the time for extensive documentation? With just one click in the Dashboard section of your control panel, you can access our Quickstart tool and test all of the API endpoints, so you’re covered with this Agriculture Rates API.