Coal is used to produce electricity and heat, and it is also used as a raw material in the production of steel and cement. In addition, coal is also used to produce chemicals such as methanol and ammonia. This makes coal one of the most important commodities in the world economy. Because of this, knowing about its prices can be very useful for anyone who wants to invest in it; or for those who want to know how it affects their businesses.
The Newcastle Coal Futures is a futures contract that trades on the New York Mercantile Exchange (NYMEX). This contract is for coal with an energy content of 15 MJ/kg that has been mined in Newcastle, NSW, Australia; and is delivered at the Port of Newcastle. This contract is quoted in US dollars and cents per metric ton and trades in March, June, September, and December. The minimum price movement is 0.25 cents per metric ton, and the maximum price movement is $3 per metric ton.
However, if you want to get this future information and obtain it with an API; then you should know that not all APIs are created equal. Some are not reliable or secure, and others are difficult to use. That’s why we recommend using a coal prices API that can provide you with all of this information quickly and easily. So, if you want to get all the information about Newcastle coal futures without any problems; then we suggest using the Commodities API.
Commodities API
The commodities API works quickly and easily. This API allows you to retrieve coal and other commodities live prices in just a few seconds! The API has a large number of endpoints, each of which performs a particular task. For example, the fluctuation data endpoint will return information on daily fluctuations.
This API is very simple to use. It uses a simple query format that allows you to specify which currency, symbol (asset or commodity), and endpoint you want to query. Additionally, the commodities API makes data available in JSON format. The same that is supported by a large number of well-known computer languages. As a developer, this will facilitate the incorporation of this API into any current software or website of your customers.
How To Get The Prices Of Newcastle Coal Futures Using This API
The commodities API is easy to use, simply follow these steps to get started:
- Create an account on the commodities API website.
- Select the base currency, provide the commodity’s futures symbol as a parameter, and endpoint.
- Finally, click “run” to start the API call and wait a few seconds for the results.
As an example, using the endpoint “Latest rates,” the base currency “USD,” and the symbol “COAL,” we got the following outcome:
{"data":{"success":true,"timestamp":1684385700,"date":"2023-05-18","base":"USD","rates":{"COAL":0.0085470085470085},"unit":{"COAL":"per tonne"}}}From this response 0.0085470085470085 tons of coal is equal to one USD.
When investing in coal or any other commodity, the commodities API is a terrific place to start! In just a few seconds, the commodities API will deliver all of the information you need about coal futures! Additionally, you can send up to 100.000 API requests per month and receive data updates every 60 seconds.