Do you need a service that gives you the historical prices of commodities? In the market and the world, there are many commodities, it would be very inconvenient to have to hire several services at the same time. For this reason, we want to recommend you a commodities rates API, which will give you all in one.
The term Commodity refers to raw materials or that particular category of goods that are traded on the market without qualitative differences. More specifically, these are so-called fungible goods, which are therefore replaceable in satisfying the need to which they are connected, regardless of who produces them. Thanks to their fungibility characteristics, Commodities are easily negotiable on the market and can be used as underlying assets for various financial instruments.
Commodities as an asset class represent a very heterogeneous group of goods, with different uses, different specificities and qualities, different storage capacities, and different intensities of renewability. They can be classified into two macro-categories: Soft Commodity, Hard Commodity. An example of a commodities exchange is the Chicago Mercantile Exchange (CME) where a wide range of products are traded: futures (and options) on indices, legal tenders, interest rates, and commodities, up to derivatives on economic indicators and on the trend of weather conditions.
Another example is New York Mercantile Exchange (NYMEX) where WTI Crude Oil, naphtha, natural gas, propane, gasoline, and many minerals are traded. It has been part of the CME Group since 2006. Other examples could be COMEX, Chicago Board of Trade (CBOT), and Euronext, among others. However, each commodity exchange specializes in only a few commodities and as mentioned before, there are many available on the market. Therefore, we want to recommend the use of Commodities-API, a system that will allow you to obtain the historical prices of all commodities.
Use Commodities-API!
The most popular API right now for learning the historical prices of commodities including wheat, corn, sugar, rice, and cocoa is called Commodities-API. But why are so many people using this service? First, we must consider the platform’s trustworthy foundation and more than six years of experience, which elevated it to a status and dependability icon. In addition to other sources, it collects information from commodity exchanges including CME Group, Euronext, Bombay Stock Exchange, and Winnipeg Commodity Exchange. Additionally, Commodities-API supports 170 different legal tenders, so historical prices of commodities will be shown in your country’s legal tender. It does not matter if you are from Qatar, United Arab Emirates, or Singapore, the prices will be in the official legal tender of your country.
You must register on the website, provide your personal information (and bank information if you need to make a payment), and choose an available plan in order to see historical prices. Once finished, you must select the symbol of the commodity you want. We suggest reading the online documentation before using this technology. 256-bit SSL encryption of the highest quality is used to encrypt the connection to the Commodities-API API.
Any issues? Not to worry! You can get help from company consultants online from 10 am to 5 pm ET. To contact them, just send an email or a message to [email protected].
Definitely, it is the best service to see the historical prices of commodities.
Also published on Medium.