Are you a member of a commodity trading organization seeking for a solution to streamline operations and cut costs? You can utilize an API!
The profession of commodity trading necessitates regular price observation. Knowing the market’s volatility and having the ability to predict future moves are prerequisites for making lucrative purchases. Manual labor is an option, although it is time- and labor-intensive. For this reason, a lot of businesses use APIs that offer real-time data on commodities.
APIs are software interfaces that connect and permit communication between two systems. They are especially beneficial in a range of situations. They allow you to access real-time pricing data for commodities trading without having to complete any essential research. It is a very cost-effective strategy for saving both time and money. If you use an RBOB Prices API, you can gain a lot of benefits.
Real-time updates on price information will be available to you to begin with. The advantage you will have over competitors as a result of knowing exactly when to buy or sell your items will be realized.
You will also have simultaneous access to data from a number of marketplaces, which will aid in your ability to make better informed investing decisions. Finally, you will be able to use this API on your tablet or smartphone to constantly keep up to date on rates wherever you are.
Commodities API
Data on one or more currencies, information about daily changes, value conversion, and time series data for one or more currencies are all available through the endpoint. For the most recent commodity rate information for all or a particular group of currencies, it can also submit API calls.
The Commodities API, provided by more than ten distinct exchange rate data providers for commodities pricing, allows developers to access real-time data on the value of commodities. The API has many endpoints, each of which has its own specific function.
Depending on the commodity you’re looking for, this API will provide you with a variety of replies. In this instance, we’re interested in finding out more about coal. The RBOB Gasoline symbol offered by the API (RBU22) can be used to look up information about it:
{"data":{"success":true,"timestamp":1683825240,"date":"2023-05-11","base":"USD","rates":{"RBU22":0.40650406504065},"unit":{gallons}}}
One dollar is equal to 0.40650406504065 gallons of RBOB Gasoline, as you can see in the response.
To Use It, Just Do The Following:
- Visit Commodities API and sign up there; after you’re done, you’ll be able to use the API right away!
- Depending on what you’re looking for, use the various API endpoints while using the API’s symbols.
- When you have found the required endpoint, use the “run” button to initiate an API request and view the results on your screen.
The Agriculture Rates API offers data with a two-decimal place precision in more than 170 different currencies. You can perform up to 100.000 API requests each month and receive data updates every 60 seconds, depending on the subscription you choose. This API also comes with a seven-day trial period.