Do you want to know how to uncover actionable insights with APIs for spot commodities prices? If so, keep reading to find out!
Consumers and corporations both rely on commodities as necessary things. These include agricultural products made for human consumption, such as grains, coffee, corn, and wheat. But there is also the livestock industry, which sells things like live cattle and lean hogs. The resources that are often extracted through mining are other items, particularly metals like copper, iron, and aluminum. Oil, natural gas, and ethanol are a few examples of energy commodities.
However, changes in supply and demand can significantly affect commodity values. For instance, when a certain agricultural crop is harvested in large amounts, the price often declines. On the contrary, prices increase when crops are in danger of failing because consumers must pay more to purchase the necessary supplies.
This is why, it is important to keep track on these changes in order to make the best financial decisions for investment and trades. Luckily, nowadays there is a way to access the information you need in just seconds! We are talking about an API for commodities prices.
How Can An API For Commodities Prices Help You Uncover Actionable Insights?
An API enables communication between two software programs in order to exchange precise data. Thus, an API for commodities prices allows you access to the most recent commodities prices and changes from a range of trustworthy financial sources, including the Central Bank, which further ensures that it is consistently accurate and precise.. This way, you can quickly get the price of any commodity without wasting time searching through different financial websites.
What’s more, an API ensures usage and integration simplicity. This is because all you need is a computer, a reliable internet connection, and an API provider; nothing needs to be installed. Once you have just entered the unit you desire to convert; the conversion will be available instantly as a JSON answer!
Using an API for commodity pricing is the fastest and safest way to get accurate rates from trustworthy sources. However, not all of the widely available and currently available commodity rate APIs are safe or reliable. This is because it’s possible that their API vendors are dubious! In order to assist you in selecting a trustworthy and secure API; we advise using an API that has years of market experience and ensures high-quality results. As a result, you should use Commodities-API.
How To Use This API In Just Four Steps
First of all, to obtain an API key, register on Commodities-API website. After obtaining this unique combination of letters and numbers; you must select a plan. Commodities-API currently offers three different plans: starter (no cost), basic, and professional. Pick the one that best satisfies your needs after carefully weighing the differences between each!
Before continuing, uthorize your API key; after this you can start making API queries. Put your bearer token in the Authorization Header by simply adding it. After completing the aforementioned steps, select the currency you want to view your pricing in and the commodity symbol you want to use in order to acquire commodity data. Keep in mind that you can choose from more than 170 different currencies!
After making a choice, send the API call and then wait for the answer. And that’s pretty much it! The rest is up to Commodities.API.
Also published on Medium.