If you want to get live metal spot prices easily use an API and make it simple!
Sometimes, it can be hard to find the best API to stay updated on commodities spot rates. It’s important that you know which one can be the best for you and your business, and here we present you with it.
What Is the Meaning of Spot Price?
When we talk about spot prices, we’re referring to the current price in the marketplace at which any type of commodity can be sold at that exact moment. While spot prices are time and place-specific, in a global economy, the spot price of most securities or commodities tends to be rather similar globally when exchange rates are taken into consideration.
Spot prices are most commonly used to refer to the price of commodity futures contracts, such as those for oil, wheat, or gold, among others. This is due to the fact that equities are always traded at the current price. You purchase or sell a stock at the specified price and then cash out.
The Importance of APIs to Get Metal Prices
With that being said, it’s pretty obvious that knowing spot prices for the product you’re investing in on working on it’s key for the growth of your company. To access that information, the most useful way to do it is by an API. This is an interface that connects two computers or applications and allows them to communicate with each other. When you send a request to an API, in this case, spot prices for x commodity, the interface will answer with the result you’re expecting.
Metals-API is a fantastic tool for investors, traders, and anyone else interested in buying, selling, or trading metals since it allows you to quickly and easily find current global market prices for any metal (including aluminum and silver).
Metals-API features a search engine that is dedicated to finding up-to-date price data feeds on certain elements or combinations of elements. The API, which comes in JSON and PHP formats, can be utilized for a wide range of programming projects.
In this sense, you can obtain updated rates using an API because this technology collects accurate data from a variety of sources, including the London Metal Exchange (LME), the world’s largest exchange for industrial metals. Using this technology, you will be able to determine the best time to invest in this industry.
Also, Bitcoin and Litecoin, as well as more than 170 other currencies (such as the Japanese Yen), commodities, and cryptocurrencies are accepted.
Also published on Medium.