Have you been trying to create charts for canola pirces? Try out this free commodity price api!
Canola is expected to trade at 903.86 CAD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 971.10 in 12 months time.
What Is a Commodity?
A commodity describes a basic product used in complex production processes. It is all those goods and financial assets that cannot be distinguished by quality, but only by quantity. Commodities are mass-produced and uniform: although their place of production is different, they have no value that distinguishes them from one another.
Corn produced in California, for example, is not significantly different from that produced in Mexico. Thus, the value of these products lies in their general characteristics, which make them very necessary and desirable throughout the world.
Most commodities are natural resources: energy (coal, oil, gas), minerals (copper, lead, iron), agricultural products (corn, sugar, wheat, coffee) and others. However, it is also possible for a specific, more elaborate and exclusive product to be in massive demand and eventually produced as a generic commodity, thus becoming a commodity. Moreover, commodities are a basic element of production on an international scale, which makes them very attractive for investment, traded on two types of markets: the spot market and the futures market.
Check on Commodities Prices
Weather and sowing/harvesting reports can cause large price fluctuations for grains and oilseeds, for example, which affect contract values differently depending on the delivery date. If you want to invest in any of these commodities, you need to use the Commodities API platform, which works through an API.
How to Trade Commodities?
You can use two types of markets to trade commodities: Spot markets and futures markets. However, the market we are interested in here is the first, where any asset is compared or sold with immediate delivery (or within a short period of time) and at the current market price. This is in contrast to the futures market, where delivery occurs at a later date. In order to get these prices, the Commodities API service will certainly help you, as it is the most suitable for this type of task. You can find more information about this API below.
Using a Free Commodity Price API
Using Commodities API to get commodity spot market rates is the best option for you, as it is the most important commodity trading API on the market. All the information comes from high quality information sources, so you can be 100% sure that the information is true. All this with an accuracy of 2 decimal places and a frequency of up to 60 seconds. As for the currency, you should know that Commodities-API has a conversion system between 170 currencies. It is not necessary to see the prices in dollars or euros; you can use the official currency of your country.
Getting the information you’ve been looking for has never been easier. Click and learn:
What Is The Easiest Way To Get Commodities Data Using An API? – TheStartupFounder.com
Also published on Medium.