Whether you’re a raw materials purchaser, an investor or a software developer, knowing historical and updated rates from the commodities you’re interested in is key to success.
Some of the most important raw materials are crude oil, sugar, wheat, soybeans, cotton, coffee and even corn. Furthermore, these materials are categorized into:
- Wheat is an agricultural product, for example.
- Crude oil, for example, is a source of energy.
- Gold, silver, and other valuable metals are examples of metals.
- Sugar, cotton, and coffee are examples of soft commodities.
Markets
As it’s already known, commodities are raw materials that belong to the biggest industries all over the world. That is, fluctuating prices may affect a company or even a country economy.
The pricing of the goods we use on a daily basis is, without a doubt, based on raw material costs. Market rates, on the other hand, fluctuate according to supply and demand swings.
Markets also have an impact on the rest of the world. Commodities investing, on the other hand, is a fantastic way to avoid inflation.
Keep updated
Additionally, if you’re considering investing in any commodity, you’ll need to be familiar with current exchange rates in a variety of currencies. In reality, the most precise means of gathering this data is through an API.
Commodities-API
This website compiles data prices in a variety of currencies from many sources and organizations all over the world. Commercial sources are frequently employed because they more accurately reflect market exchange rates, particularly for significant currencies and commodities.
Commodities-API began as a simple, minimalist Open-Source API for recent and historical commodity prices from financial institutions.
Truthful
With a two-decimal-point accuracy and a 60-second frequency, the API can provide real-time commodities data. Commodities-API is built on a strong back-end structure that guarantees high availability and response times of less than 50 milliseconds for defined API calls.
Sheltered
The website uses bank-grade 256-bit SSL encryption to protect your connection.
Thousands of developers, small enterprises, and large corporations use Commodities-API on a daily basis. This API is the most popular due to its extensive data sources and 6+ years of experience.
Endpoints
The API provides a bunch of endpoints, each of which has a unique purpose. Accessing the most recent commodity rates data for all or a specific set of currencies, converting numbers between currencies, retrieving Time-Series data for one or more currencies, and asking the API for daily fluctuation data are just a few of the endpoint features.
Also published on Medium.