Do you want to analyze how comodities prices fluctuate? If the answer is yes, you’ll need this API for commodities spot prices!
Today’s marketplace is in a constant state of flux. Since the dynamics of supply and demand can fluctuate dramatically, not only do everyday products change in price, but so do commodity prices.
For example, when a particular agricultural crop is harvested in large quantities, the price usually falls. However, when there is the possibility of a contract failing, prices go up because buyers have to spend more to get the resources they need. This makes access to accurate and reliable agricultural data crucial for anyone considering investing in them.
Thanks to new technologies, we have many ways to obtain this information at our disposal. However, not all ways do it simply. For example, one basic way is to use a commodity exchange to acquire spot market rates. However, not all commodity exchanges carry all commodities; some focus on metals, while others focus more on agriculture, grains or fuels. Luckily, there is another way that makes obtaining commodities spot prices easier and faster; we are talking about employing an API for commodities prices!
Analyse Commodities Spot Prices With The Help Of An API
Since it compiles precise commodity data from numerous reliable sources, an API for commodities prices can quickly offer you commodities spot prices. This is because an API, or application programming interface, is a tool that permits communication between two different program types in order to exchange particular data.
Thus, using an API is the best way to get a specific piece of data; but you need to know which web service has the finest API. This is because not all Internet-based APIs are trustworthy. For this reason, we suggest using Commodities-API, a reputable API with more than six years of market experience.
Currently, this is the most popular option among developers and companies seeking precise commodity data. It gathers price information from over 15 reliable data sources, including banks and financial institutions, and immediately makes it available to you.
How To Obtain Commodities Spot Prices With This API
First things first, to use Commodities-API you’ll need an API key. Fortunately, this is very easy! Just follos these steps and you’ll be getting started in no time:
- To receive an API key, create an account by registering at Commodities-API. Additionally, you can select the plan you want to use at this phase. The three plans that Commodities-API currently offers are no-cost, basic, and professional. Choose the one that best fulfills your needs after weighing their differences. As an illustration, if you choose the first plan, you will receive hourly commodity updates for no-cost!
- Validate your API key. Just fill up the permission header with your bearer token.
- Pick the commodity symbol you want after selecting the currency in which you want to display your values. You should keep in mind that there are 170 different currencies available.
- Finally, call the API when you’ve made your choice and wait a few seconds!
And that’s basically it! The remainder will be handled by Commoditties-API for you. You can see how user-friendly this API is. However, for more information or if you need help getting started, go to https://www.commodities-api.com/.
Related post: Get The High And Low Price Of Any Commodity On A Specific Day Using An API