Do you need to obtain prices from the world commodity market? If that is what you are looking for, we have good news to tell you. There is a platform that will help you in this task, it is an excellent service, which many consider to be the best API for commodity data.
A tangible good that may be exchanged, purchased, or sold is referred to as a commodity. They are typically utilized as raw materials in the production of other, more complex goods. As an example, wheat is used to make flour, which is then used to make bread, while oil is a commodity that is utilized in the creation of plastic goods. Traders and investors can bargain for these fundamental goods on the domestic or international market using cash or other legal tenders. They can also be traded in for items of comparable worth.
You can distinguish between hard commodities that are mined, like crude oil and soft commodities that are farmed, like wheat. However, they can also be broken down into four main groups, such as minerals, which include iron and copper; energy, which includes crude oil, ethanol, natural gas, and gasoline; or agricultural, which includes corn, rice, wheat, cocoa, and coffee. Last but not least, one of the most noticeable qualities of commodities is their volatility or the swings in price that they experience throughout the year. Prices rise with rising demand, there will be a shortage during droughts, and the same thing will occur during the conflict.
They are essential products for human activity. For these reasons, it is very important to keep up to date with the latest prices in the world commodity market, since these fluctuate constantly. And to get them, we recommend you to use Commodities-API.
The market’s most comprehensive digital tool (API) is offered by this service. With it, you can have all the commodities at your disposal, including wheat, cotton, corn, natural gas, sugar, coffee, cotton, and sugar. As for the information, don’t worry about it. Despite not being a commodity exchange (like Euronext or CME Group), this site does use their information. It is therefore absolutely certain that the information is accurate and of high caliber.
Commodities-API has the ability to transmit real-time commodities data via API at a frequency as high as every 60 seconds, with an accuracy of 2 decimal places. Naturally, commodity prices will be expressed in your own legal tender to make them simpler for businesspeople in less developed nations to comprehend.
You must follow these steps in order to obtain commodity prices and be able to examine them properly:
1- Generate the API key at commodities-API.com.
2. Sign up and pick a plan. There are currently 3 plans offered, 1 of which is uncharged and the other 2 need payment. The no-cost option undoubtedly has some restrictions. But the professional and professional plus plans include unmissable benefits and all for a price that starts at $50 per month.
3. Locate your country’s legal tender and the symbol of the commodity you want.
4- Make the Call to the API once you’re finished.
5. You may also make charts for easier analysis and comparison with other goods.
Doubts? Questions? To contact a Commodities-API advisor, use the virtual chat.
Also published on Medium.