If you wish to invest in commodities, you can use an API to get historical and current market prices for the products you’re interested in for free.
Commodities, often known as raw materials, are products that are sold on the financial market. Foodstuff, such as corn, soybeans, or wheat, and energy sources, such as carbon, natural gas, and petroleum, are types of commodities.
Also, they are important raw materials for the global economy because they can be utilized to manufacture more complicated goods, resulting in large profits for the risk-taking investor. The way that commodities increase their value is through the demand that they generate. Transportation, storage, insurance, and any other action for the safekeeping of the raw material may be included in their costs.
If you are serious about investing in this type of business, you must be aware of current commodity pricing. There is an API that may be useful for your financial background in recognizing the many opportunities available in the financial markets.
What is an API?
An API is a programmatic interface for gathering data from a location and delivering it to you very instantly. This enables you and your clients to check the price of commodities at any time.
In these terms, we strongly advise you to use Commodities-API, one of the most useful and comprehensive commodities rate softwares currently accessible, to save time and effort. This supports rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, gold, silver, and a variety of other commodities.
To obtain the information, you have to:
1. Go to www.commodities-api.com and create an account to get your API key.
2. Look for the goods and the currency which you are interested in.
3. Once you’ve got them both, enter them and make the API call.
4. The program will respond with a JSON response that you can adapt and use however you like.
How accurate is this?
100%!! Commodities-API started off as a simple, lightweight Open-Source API for current and historical commodity rates from banks and stock exchanges, making it completely dependable. This API can provide real-time commodity data with a precision of two decimal points and a frequency of every 60 seconds. Also, the information can be adapted to JSON, PHP, and Python. Furthermore, Commodities-API employs bank-grade 256-bit SSL encryption to safeguard your connection.
Only a few of the capabilities include delivering exchange rates for practically any commodity, precious metals, converting single currencies, returning Time-Series data, and volatility data.
Also published on Medium.