Are you from Switzerland and your company needs palm oil? If that is your case, you will surely want to see the prices in the official currency of Switzerland. We recommend reading this informative article.
Palm oil is the substance extracted from the mesocarp of the palm, the fruit of a tropical plant, the African palm tree (Elaeis guineensis). Although it is of plant origin, it contains almost 50% saturated fatty acids, especially palmitic acid. Currently, it is the second type of oil with the highest production volume (the first is soybean oil), because it is cheap and versatile.
Palm oil is used to make instant soups, frozen pizzas, chocolates, frying fats, cocoa glazes, ice creams, lipsticks, soaps, shampoos, creams and detergents. In fact, the World Wide Fund for Nature (WWF) estimates that one in ten products available in the supermarket contains palm oil. The ground remains of the shell of the palm fruit are marketed as feed for pigs. In Europe on the other hand, palm oil is increasingly used for electricity production and as a fuel.
Investing in palm oil is always a good idea. The crop is highly attractive from an economic point of view, given that its production is quite cheap and the yield is high (around six tons of oil per hectare per year). To obtain the same amount by squeezing rapeseed, sunflower or soybeans, an area ten times larger would be needed. Palm Oil requires little care, so labor costs are also low. This explains why it is one of the most used oils in the world and why it is important to know its price.
For those Swiss who want to know their rates, we recommend using the Commodities-API.
Why Commodities-API?
It is a free public API that gives you the opportunity to view the prices of commodities such as cotton, ethanol, natural gas, or palm oil (in your case). To obtain the updated prices, you only have to start registering on the website, select an available plan, receive the API key and then choose the currency and the chosen product; palm oil and Swiss francs for your case. And with that, you will be able to use the API without any problem.
Another important fact about Commodities-API is that it can provide data with a precision of 2 decimal points and updates every 60 seconds. But remember that this will depend on the plan you choose (free or paid), as each one has its pros and cons.
If you have any questions, don’t worry. Company advisors are online from 10 am to 7 pm (EST Time). Just send a message via the contact form or email and the customer support team will be with you shortly. Urgent requests are usually handled within minutes.
Also published on Medium.