Want your website to provide information about the spot price of cobalt? With this API you can add this feature and even more.
Why Is Cobalt So Important?
Cobalt is an element whose best-known attribute is the color provided by certain compounds. This makes it an essential part of pieces of glass, enamels, and ceramics. Cobalt blue, which is what this color is called, is typical of mineral pigments made with cobalt aluminates and silicates, and with mixtures of cobalt phosphate and alumina.
Cobalt is also the active center of vitamin B12. In addition to its decorative use and its biological role through vitamin B12, cobalt has numerous industrial applications. There is a great demand for this element for use in the electrodes of electric batteries. For that reason, as the production of electric vehicles is increasing rapidly, their demand is growing at a rapid pace.
Cobalt represents 0.003% of the earth’s crust. It is extracted through mining, generally associated with the extraction of copper and nickel. It is estimated that the total mining reserves of this metal amount to just over seven million tons, of which approximately half are in the Democratic Republic of the Congo.
Evidently, the use of cobalt is really important and necessary for several companies and businesses. Thus, if you’re looking to create an app that provides cobalt data and overall metal information; you’re on the right path. But, for the program to be successful, it must provide users and clients with the answer they need. To do so, you must integrate a complete metals API.
With an API that covers all the necessities of cobalt buyers, you will be able to provide a positive user experience. For example, one of the pieces of information they look for the most is the spot price. Hence, the API you will integrate must assure to provide this data.
What Is Spot Price?
The denomination of the cobalt spot price refers to the amount that is agreed upon in the transactions that are carried out immediately. That is, the actual amount when buying or selling a good at a given time. The higher the demand, the higher the price.
By obtaining the spot price of cobalt, businesses can know its current value. This data is excellent to know when is the best moment to buy and sell. Also, with such information, it is possible to catch tendencies and patterns.
Therefore, being able to provide the spot price of cobalt in your app or pageweb is essential. This feature will make your program more popular than others. Also, if you work with a tool like Metals-API, you can supply even more data than just the spot price.
To make your app rich in features and users, integrate the Metals-API. This application programming interface is one of the most popular metal interfaces in the market. It provides everything users want to know about cobalt, gold, aluminum, and any other metal.
The European Central Bank is one of the few trusted sources that deliver currency information to the API. Some famous and excellent companies that work with it are Chainlink, Barrick, Glencore, and others.
Among the long list of endpoints, the API comes with:
- Changing Base Currency
- Convert Endpoint
- Time-Series Endpoint
- Fluctuation Endpoint
- Carat Endpoint