Are you looking for cheap commodities prices APIs for small companies? If so, you are in luck! Here are three of the best APIs available today!
Commodities are the raw materials that are used for manufacturing other products. The word commodity is derived from the Latin word commodus, which means convenient. These materials are essential for modern-day life and have a wide range of uses. A few examples of commodities include: crude oil, coffe, wheat, and platinum.
Commodity prices change over time due to a number of factors. Some of these factors include supply and demand; weather conditions; and geopolitical events. For instance, if a country experiences an increase in demand for its exports; or an increase in supply of its imports, then it will cause a shift in the supply curve; or demand curve respectively thus causing an increase or decrease in price.
If you are a small company looking to get ahead of what is happening in the commodity market; you’ll need to employ a way of obtaining reliable data on commodities. Luckily for you, by employing a commdoities prices API, you’ll be getting data on commodities in no time!
Which Are The Cheapest Commodities Prices APIs Available Today?
You must be careful when selecting the API you’ll use; because not all of the widely used APIs today are secure or reliable. This is due to the fact that it’s possible that their API suppliers are questionable! Not to mention that many of them, are rather pricey and difficult to use; because they can be intended for bigger companies.
In light of all of this, we want to assist you in making a choice by giving you details on three of the top cheapest APIs for commodities prices that are now on the market. These three are all inexpensive, safe, and simple to use!
Commodities-API
Commodities-API displays data and prices for several commodities; including: oil, rice, sugar, coffee, precious metals, and livestock. Utilizing this API is straightforward: first, get an API key by siging up; then choose the currency and commodity symbol to retrieve the data. After then, you are allowed to use the data like you best decide without any restrictions.
Users can choose from more than 170 different currencies and receive data from Commodities-API with a two-decimal point precision. What’s more, Commodities-API offers plans three different plans. The first one is no-cost at all, and allows you to get data updates every 60 minutes!
Barchart’s Commodity Data API
Online service Barchart has been available for quite some time. One of the first websites to disseminate information on commodities and futures markets is this one. This service is delivered by a multinational banking software provider. Thus you can be sured that the data provided by Commodity Data API’s is accurate and reliable.
The operations of Barchart’s varied customer base are powered from front to backend by the company’s exclusive data, software, and technological solutions. Additionally, its entertainment businesses provide web articles; headlines, and magazines to help market and financial experts make decisions.
Open Exchange Rates API
This one is a portable, live, and simple API with exchange rates for more than 150 currencies. By integrating this JSON-formatted API you’ll be able to stay up-to-date with what is happening in the commodity market.
The forms of exchange that are made accessible through Open Exchange Rates API are compiled using information from numerous trustworthy sources; delivered in JSON format for all users, and then publicized.
Related post: Use An API To Obtain Commodities Spot Prices In 2022
Also published on Medium.