If you work in a business that is related to metals you know that having access to real-time information on its price is of the essence. Read this article to learn how you can do it with the help of an API.
Instead of being a precious metal, lithium is a chemical substance with the atomic number 3 and the symbol Li. It is an alkali metal that is soft, silvery-white, and a member of the chemical element family known as alkali metals. It is the least dense solid element and the lightest metal. Since lithium is highly flammable and reactive, it is usually kept in mineral oil. In particular, batteries for portable gadgets like laptops, mobile phones, and electric vehicles are made with them. Additionally, it is a component of some psychiatric drugs and is used in the manufacturing of glass, ceramics, and aluminum alloys.
Due to its several special qualities, lithium is useful in a wide range of applications. It is an efficient heat transmission agent since it has the highest specific heat of any solid element. It can be used to create low-melting alloys since it has the lowest melting point of any metal. Lithium is a useful cathode material in batteries due to its low density and high electrochemical potential.
Various minerals contain this mineral in trace amounts, and it is mined for use in industry. Spodumene, lepidolite, and petalite are the principal lithium-containing minerals. There are traces of it in seawater as well, but it cannot be profitably extracted from this source. The extraction and price of lithium, which varies based on various circumstances, are essential to many industries throughout the world.
In order to maximize profit, prices must be updated often due to the metals market’s ongoing fluctuations. Fortunately, technology has produced a number of tools that make this process simpler. The metals APIs make it simple to incorporate current market data about metals into any kind of digital platform. But what are APIs and what are their advantages?
Why A Metals API Could Be Useful?
A set of rules and specifications for using a web-based software program or online utility is known as an API. APIs can be used to facilitate data sharing and communication across various software systems. There are several examples of various API types that are already present in the majority of our digital activities. An example would be a financial software program that accesses real-time stock market data through an API and displays it.
Many companies decide to utilize an API in order to monitor developments in the metals market and acquire correct information. By getting this information, reports and even comparison graphs between current and previous data can be created. Given the large range of APIs available, we advise you to try MetalsAPI, which has a high level of performance and market data.
More About MetalsAPI
Historical data is also available to this tool. Even the opportunity to compare prices between two dates or to get comparative graphs is available. It can access markets like the LBMA and World Bank and provide accurate information on those markets. You can change the information’s represented currency as well. Why not give MetalsAPI a try right away?