Would you like to know how to obtain commodity rates quickly and easily? Well, in this post, you will find the answer you need. We will introduce you to one of the best digital tools on the market. It is even considered the best commodity rates API.
Commodities are basic goods that are used as inputs in the production of other goods and that can be used in a trade or the financial sector, as objects of acquisition (underlying assets). Their main feature and advantage are that they have value, a low level of processing, and utility. Currently, they are an important part of the functioning of the economy and the way of life of people, since the scarcity or abundance in the production of goods and the fluctuations in the prices of these, among others, end up affecting different sectors. and to all social classes. For example, if the price of wheat increases, people will consume less bread.
Commodities can be classified into four categories: metals (copper, aluminum, iron), energy (petroleum, ethanol, and natural gas), meat (cattle, beef, among others), and agricultural (corn, soybeans, rice, cocoa, wheat, and barley, to name a few). However, the volatility of the markets and economic trends lead to the need to design diversified investment economic strategies, to optimize and maximize financial, tax, and economic performance.
For investment in commodities, some exchanges offer investment portfolios. However, you can also invest directly in the product, buy shares in companies that produce raw materials, or buy shares in specialized commodity exchanges. But before that, you will need an easy way to know the prices of all commodities and for that, we will recommend the best and easiest API in the market. Its name is Commodities-API.
Why Commodities-API?
Commodities-API is a service designed to collect information and keep you updated on the prices of a wide variety of commodities, including rubber, rice, coffee, corn, sugar, wheat, lumber, soybeans, gas nature, oil, etc. All this, with a precision of two decimal places and updates every 60 seconds. The data is collected from over 15 reliable data sources, every minute. Sources include banks and financial data providers.
Another important feature is that it does not matter if you are from Mexico, Japan, Indonesia, Germany or India, you will be able to see the prices in the official currency of your country. Today this service is used by many developers, SMEs and large organizations. Some famous clients are Barrick, Metex, Chainlink, etc. To use this service, we recommend reading the documentation on their website, but don’t worry, everything is very simple and intuitive. For better analysis, Commodities-API also offers the ability to create charts, so you can compare prices with other commodities and perform analysis on price changes over time.
And finally, surely you think that this system must be very expensive. But no! Commodities-API includes a completely free option with a limited number of “API Calls”. If this is not enough for you, there are paid plans that offer better benefits, which cost between 15 and 50 dollars per month.
If you have any questions, do not hesitate to contact customer service.
Also published on Medium.