Are you trying to get palm oil rates? Here, we explain to you how and API can help.
First of all, let’s talk about palm oil and its importance. This is an edible vegetable oil that it’s extracted from the mesocarp of an oil palm fruit, which grows only in the tropics. The oil these plants produce is used mostly for cooking, detergents, cosmetics, and biofuel. Worldwide, in 2018-2019, it was produced 73.5 million tons of palm oil and its plantations are spreading across Asia, Africa, and Latin America.
With 34.5 million tons produced, Indonesia was the world’s largest producer of palm oil in the 2016 output. By 2019, this amount had climbed to 51.8 million tons, with 60 percent of the output exported as crude palm oil by the end of 2010. By the end of 2030, this country hopes to have more than tripled its output.
So, now that we know all of this, we can confidently state that palm oil is one of the world’s fastest-growing commodities, and investing in it may significantly increase your income. So, if you want to know how to remain up to date on these sorts of prices, we’ll show you how.
How APIs Work
Now that we’ve established that you understand the importance of palm oil, we can finally discuss APIs. This is a device that links two computers or programs and allows them to interact with one another. With a few easy clicks, you may acquire any type of information.
APIs are used for a variety of purposes, and practically every major platform makes use of them. Weather snippets, log in onto a website with a Google account, Twitter bots, trip booking, and pricing data are some of its most prevalent applications. This final one is of particular importance to us.
But how can you get an API? It’s actually fairly simple. You must look for and utilize software that delivers it. There are several websites that can assist you with this, but you should be cautious about which one you pick because not all of them function the same way or supply the same sort of data.
Finding an API is straightforward, but finding one that provides palm oil prices is more difficult. We highly propose Commodities-API, one of the most popular and comprehensive precious metals APIs in the world, to assist you with this. It may collect a wide range of data that can be quite beneficial to your business.
To make use of it, you have to:
- Create your own account at www.commodities-api.com and obtain your API key.
- Look for Palm Oil and your preferred currency symbols.
- Use these symbols to add metal and money to the list before executing the API call.
- Finally, you press the “run” button and you’re finished! The API will appear on your screen.
About The Data
Commodities-API will get data from over 15 trustworthy data sources per minute. Banks and financial data companies are only two examples. It’s important to remember that this program only gives midpoint data for commodities and currency rates. The average median rate of Bid and Ask at a particular time is used to compute midpoint rates.
Also published on Medium.