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How To Use An API For LME Aluminum Real-time Rates

Are you looking for an API to obtain LME aluminum real-time rates? Check these one!

Aluminum is a chemical element with the symbol Al that is ranked 13th on the periodic table. It has a lower density than most other common metals and a strong affinity for oxygen, forming a protective coating of oxide on the surface when exposed to air. Aluminum-based items include cans, foils, cooking utensils, window frames, beer kegs, and aircraft components, to name a few. 

On the other hand, the LME provides cash trading since it provides contracts with daily expiry dates of up to three months from the deal date, weekly contracts of up to six months, and monthly contracts of up to 123 months. To settle contracts, it provides hedging, global reference pricing, and the option of physical delivery.

Pricing for such particular metals may be difficult to find. It is, nevertheless, not impossible. We highly advise you to utilize an API for this. This allows you to receive data from a variety of sources, including the London Metal Market (LME).  Many websites utilize it for a variety of reasons, and it may be useful in any situation. In this case, a few mouse clicks might result in LME Aluminum rates in seconds.

How To Get An API

To utilize one, you must first locate software that supports it. There are plenty of them available online, and each one may provide you with different information. This is why you should be cautious in your selection so that you do not waste your time.

Metals-API, one of the most popular and comprehensive APIs for precious metals pricing, is recommended for obtaining these prices. This enables you to track real-time metal prices and quotations from across the world, as well as follow precious metal spot prices and metal charts utilizing interactive features.

You must do the following to make advantage of it:

  1. You may generate your own API key at www.metals-API.com.
  2. Look for the metal you desire (LME-ALU) and the currency of your choosing.
  3. Use these symbols to add metal and money to the list before finishing the API call. You may also specify the programming language and the pricing range.
  4. Finally, you press the “run” button and you’re finished! The API will appear on your screen.

The result will look something like this:

{
"success": true,
"timestamp": 1519296206,
"base": "LME-ALU",
"date": "2018-09-10",
"rates": {
"AUD": 1.566015,
"CAD": 1.560132,
"CHF": 1.154727,
"CNY": 7.827874,
"GBP": 0.882047,
"JPY": 132.360679,
"USD": 1.23396,
[...]
}
}      

In terms of Metals-API, choose a website that has been serving clients and the financial community for years to keep up with the newest precious metals prices. Their extensive website features real-time gold, silver, and other metal price quotes from several sources (including Bloomberg, Reuters, and others), as well as delayed futures and options pricing.

The real-time price stream is refreshed every 2 seconds, ensuring that you always have access to the most up-to-date information. This API is customizable, allowing you to acquire information in the most comfortable method for you, making it appropriate for a variety of applications.

Check How To Get Historical LME Steel HRC China Rates With An API


Also published on Medium.

Published inAppsTechnology

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