Do you want to know how to get live and historical coal rates by using an API? If the answer is yes, keep reading to find out!
Let’s start this article with a fact and that is: coal, oil, and wheat are good investments because they are raw commodities; that will always be needed and whose demand will only rise as human society progresses. According to the IEA’s July 2022 coal market update, the world’s consumption of coal is predicted to rise by 0.7% to 8 billion tons in 2022. This global total would match the annual record set in 2013; and coal demand is anticipated to rise even more in 2023 to a new record-high level.
However, it is crucial to stay current with all new and past changes over time; though, because the market is constantly changing. You can keep up with them by conducting manual research on various stock market websites. However, this method takes a lot of time and effort. Not to add that since prices fluctuate by every second; it is simple to make mistakes. Luckily, one can quickly obtain the most recent coal prices; as well as the historical rates, at any time with the aid of an API for commodities prices!
What Is An API For Commodities Prices?
Two apps can communicate with one another in order to send and receive specific data. This communication is mediated by a piece of software known as an application programming interface; or API for short. As a result, a commodities prices API makes it simple for your software to obtain up-to-date and historical commodity price information; that has been gathered from a variety of reliable financial sources.
Using an API is without a doubt the best way to acquire a certain piece of data; but you need to know which web service has the finest API. This is because not all Internet-based APIs are trustworthy. So, if you are looking for a trustworthy API with more than six years of market experience, we suggest using Commodities-API.
Commodities-API, as its name implies, is an API (short for application programming interface); that provides an interface that makes it possible for two applications or systems of various kinds to communicate with one another. With the use of this API, you will be able to get spot pricing commodities data; as well as historical rates from over 15 trustworthy data sources, including banks and financial institutions, who vouch for the accuracy of the data.
How To Obtain Live And Historical Coal Prices With This API
- Register at Commodities-API by creating an account; and obtain an API key. In this phase, you can also select the plan you want to use. Commodities-API now provides three plans: starter, basic, and professional. Choose the one that best meets your needs after taking into account their differences. For instance, if you choose the first plan, you will receive no-cost hourly commodity updates!
- Verify your API key. Enter your bearer token into the permission header by using simple entry.
- Select the currency you want to view your pricing in next, and then select the commodity symbol you desire (in this case, coal). There are 170 different currencies accessible, so keep that in mind!
- Then, after you’ve completed the steps above, call the API and wait a short while!
Related post: Get The High And Low Price Of Any Commodity On A Specific Day Using An API