Looking for a way to keep up with commodity rates? Well, you don’t have to look any further. Here we will offer you an amazing API for what you are looking for. This is the best commodities rates API.
A commodity is a tangible material that can be traded, bought, or sold. They are normally used as inputs in the manufacture of other more refined products. For example, oil is a commodity that is used in the production of plastic materials, or wheat is used to create flour, which is then used to bake bread. These basic products can be negotiated in the national or international market by traders and investors, either with cash or through other currencies. But also, they can be exchanged for goods of similar value.
You can differentiate between soft commodities that are grown like wheat and hard commodities that are mined like crude oil. But they can also be divided into four big categories like metals which include copper, iron, or copper; energy including crude oil, ethanol, natural gas, and gasoline; or agriculture including corn, rice, wheat, cocoa, and coffee. Finally, one of the most notable characteristics of commodities is their volatility, that is, the fluctuations to which their prices are subject throughout the year. If demand increases, prices go up, if there are droughts there will be scarcity, if there is a war the same thing will happen.
If you are looking for the most complete API to track commodities on the web, there are many options. In the world, each country has different commodity exchanges that are responsible for offering the prices of some commodities, not all of them. For this reason, we are going to recommend the most complete API on the market and its name is Commodities-API. We will explain the features of this tool below:
What is Commodities-API?
Commodities-API, as its name indicates, is an API. That is, it is the abbreviated form of application programming interface and describes an interface that facilitates communication between two programs or systems of different types. Additionally, APIs allow you to add functionality to websites and applications. Every minute, this API receives price information from more than 15 reliable data sources, such as financial institutions and banks, which certify the reliability of the information. All commodity data is provided in real time with a precision of 2 decimal places and a frequency of up to 60 seconds. In other words, with the help of these features, you will get up-to-date prices and be able to analyze the information to know when is the best time to invest.
To view commodity rates, we recommend following these steps:
1- Go to www.commodities-API.com.
2- Generate the API key.
3- Register with your data and then choose a plan. Currently, Commodities-API has 3 plans, free, basic, and professional. Take a good look at the differences between each one.
4- When you finish with the above, select the symbols of the commodity you want and then, choose in which currency to see your prices. There are 170 coins available.
5- Once selected, make the API Call.
6-As a programming language you have the option of using JSON or PHP. Any questions?
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Also published on Medium.