Would you like to access the prices of the raw materials market? If you are an entrepreneur who needs to buy or a producer who needs to sell, surely using this platform will be very helpful. It is a fantastic system that many consider being the best commodities rates API.
Some raw materials are especially relevant in economic activity. Oil, sugar, coffee, copper, coal, rubber, and wood are examples of basic materials that are linked to different commercial uses. These are products that are made by man and are normally presented in generic form. These and other basic goods can be used to negotiate in the financial markets and when this happens these goods are called commodities. Those who negotiate with these goods know that they are very volatile products since their price changes depending on many factors (for example, a good or bad corn harvest becomes a determining factor in negotiating a price).
Analysts must know the upward or downward trend of each commodity and be well informed about the demand in the market for each of these commodities. If the good is scarce, its price tends to increase and, conversely, if the good is abundant, its price tends to decrease. The transactions that take place take place in two types of markets: the cash market and the futures market (the first refers to the current price of a product and the second refers to the expected price of a product).
Depending on the supply and demand of each commodity, anyone can buy or sell any of these goods. And for those people, we have good news. It is a service called Commodities-API, which will offer you all the data you need from the market. Below, we will explain the reasons why you should use this service.
Why should you use Commodities-API?
First of all, Commodities-API is an API that is updated with the latest commodity prices. Furthermore, if you’re curious in how Commodities-API obtains its prices, read on. Well, the answer is simple. In the world, there are different Commodity exchanges, which offer updated prices of commodities. You could indeed use those services instead of Commodities-API, but what this system does is collect the prices of all the commodity exchanges. In this way, you do not need to visit several stock exchanges, since you will have everything in one.
Second, Commodities-API provides you with various tools to make your experience more enriching. For example, it allows you to create charts so that you can analyze the prices of commodities, and the historical evolution over time, among other things. The visualization of data through graphics helps to detect patterns, trends, relationships, and structures in the data. And so, you can perform a more accurate analysis.
Another interesting tool is the convertibility system. If you are from Indonesia, you will surely want to see the prices in Indonesian rupiah. The same happens if you are from Canada, you will want to see the prices in Canadian dollars. Thanks to the convertibility system, you can automatically convert prices, so you can see them in the official legal tender of your country. And finally, customer service is something Commodities-API has always prided itself on.
Also published on Medium.