Do you want to know which are the most common use cases of APIs for commodities spot rates? If so, keep reading to find out!
Commodities are a broad category of goods that have similar characteristics, such as physical properties and legal attributes. These can be found in agriculture, energy, metals and even livestock. This commodity market is the largest financial market in the world. Today, there are many different types of commodities available; and each has its own price fluctuation rates.
The reality is that fluctuating commodity prices affect your day-to-day business. Therefore, to remain competitive in one’s own industry, one has to keep track of these prices; and this is where APIs for commodities prices come in handy. These tools allows you to easily access commodity prices data at any time.
Common Use Cases For Commodities Spot Rates APIs
- Stay Updated on Commodity Prices An API allows you to stay updated on the market volatility and know what is happening in the commodity market. People often use this kind of API since it delivers all the information in one place and don’t have to look for it through different exchange markets online.
- Make Great Financial Decisions. Traders and investors use APIs to make great financial decisions. Stay informed with what is happening in the market and make the right investments.
- Get Reliable Data On Commodities. Since an API gathers commodity data from reputable financial providers; such banks, financial institutions and brokers, one can be confident that will get the most recent and reliable rate.
So, if you are looking for a trustworthy commodity prices API, we recommend you to use one that has more than 5 years of market experience. For instance, you can use Commodities-API; which delivers spot pricing data from over 15 trustworthy data sources, including banks and financial institutions.
Furthermore, Commodities-API offers spot data and prices in real-time; the results are delivered with a frequency of up to 60 seconds and 2 decimal places of accuracy. The ability to deliver exchange rates for virtually any commodity, convert between single currencies, deliver time-series data, and return fluctuation statistics are just a few examples of capabilities.
How To Obtain Spot Rates With This API
- First things first, in order to use Commodities-API, you must have an API key. Therefore, to receive one, simply register at Commodities-API for no cost at all. You can use this unique string of numbers and letters to access this API. You can also select the plan you want to use at this time. Three alternative options are available from Commodities-API: beginning, basic, and professional.
- The next step is to authorize your API key before using it to make any API calls. Just make sure your bearer token is in the permission header. You will then be prepared to make API calls.
- Third, select the currency you wish to use in order to view your pricing, followed by the commodity symbol you desire (for example it can be coffee, coal, oil, etc). Keep in mind that there are 170 different currencies available on Commodities-API!
- Finally, once you’ve performed the aforementioned steps, call the API and wait a few seconds.
That is all you need to do. The rest will be handled by Commodities-API. Can you see how simple it is? In just a few seconds, you will have access to the information you require without any issues!
Related post: Get The High And Low Price Of Any Commodity On A Specific Day Using An API