Are you interested in investing in Palm Oil? You don’t know how to do it? Read this post and find out about an API that will help you do it easily!
Palm Oil or “Elaeis guineensis” is the scientific name for an edible vegetable oil that originates from the fruit of oil palm plants. Crude palm oil is obtained by squeezing the fleshy fruit, whereas palm kernel oil is obtained by crushing the kernel, or the stone in the centre of the fruit.
Oil palm trees are native to Africa, but they were introduced to South-East Asia as an ornamental tree crop just over a century ago. Currently, Indonesia and Malaysia account for over 85% of world production, although palm oil is also produced in 42 other nations.
Palm oil is found in practically all packaged foods, including pizza, doughnuts, and chocolate, as well as deodorant, shampoo, toothpaste, and lipstick. In many places of the world, it’s also utilized in animal feed and as a biofuel.
Although Indonesia and Malaysia are the largest producers of palm oil in the world. In New Zealand, palm oil has mostly food but refined products, including Palm Kernel Expeller (PKE) which is a product left after the oil is extracted from the palm seeds of the oil palm. After oil extraction and the flesh of the fruit has been stripped, the solid part of the seed kernel is mashed to make PKE. Within the last two years, this country imported 27 million liters of tons.
Because of this, many palm oil producers have also become interested in growing palm in New Zealand. To do this, many experts in economies or producers use Commodities-API to keep abreast of the New Zealand currency and the product on the stock market.
What Is Commodities-API?
It is a website that is used to obtain monetized data on products such as coffee, rice, oils, among others. To obtain them, it uses an API that is handled by making connections with financial entities in less than a minute.
It’s Easy To Use?
Yes, Commodities-API has the factor that it is very easy to use, you just have to follow these instructions.
- Join by creating an account
- Get an API-key
- Collect the currency (NZD) and commodity (CPO) of choice
Can I Get Reports From Previous Months?
Yes, on the platform you can obtain reports for days, weeks, months and even years prior to August 2021. To do so, you must choose the “historical rates” option and add the date in digital format (YYYY-MM-DD ) in the URL.