If you want to be in the commodities business, you should get prices from ICE. In this article, we recommend an API to collect this data.
A commodity is a fundamental good used in commerce that may be exchanged for other items of a similar nature. Commodities are typically used as raw materials in the production of other products or services. The quality of a certain product may differ somewhat from one maker to the next, but it is typically consistent.
When commodities are traded on an exchange, they must also meet certain minimal specifications, known as a base grade. Commodity prices tend to rise when inflation rises, which is why investors seek shelter in commodities during periods of rising inflation, particularly unexpected inflation. For example, when the conflict in Ukraine began, the prices of items produced mostly by Russia soared.
Commodities are the basic resources used to manufacture things and services, and as demand for those items & services develops, so does the price of those merchandises. Commodity prices tend to rise in lockstep with inflation, therefore this asset class is frequently utilized as a hedge against the currency’s falling buying power. If you wanna be sure about the moment of investment, you have to request the most reliable sources. Intercontinental Exchange is one of the principals.
About Intercontinental Exchange
The Intercontinental Exchange (ICE) is a Fortune 500 company located in the United States that administers global exchanges and intermediaries as well as provides financial technology, data, and conditions. It was founded in 2000. The firm owns and runs 12 regulated exchanges and marketplaces for financial and commodities markets.
This comprises the ICE futures exchanges in the United States, Canada, and Europe, the futures exchanges in Europe, the New York Stock Exchange, equity options exchanges, and over-the-counter (OTC) energy, credit, and stock markets. ICE offers exchange trading and clearing services in a variety of markets. Its primary products include crude and refined oil, electricity, natural gas/liquids, and UK natural gas.
You can collect this data using an API. It is software that links multiple devices and transfers information between them. You may incorporate it into an app or website too because it is easy to do it. To gather commodities values, the API that will help you is Commodities-API.
Why Commodities-API?
Commodities-API is a commodities spot rates API that offers information about a lot of commodities. It obtains them via an API, which takes less than a minute to set up when agreements with financial institutions are established. On this website, you may select from 170 different currencies and commodities. The API can provide real-time commodities data with a two-decimal-point precision and a frequency of 60 seconds. Commodities-API is designed on a solid back-end infrastructure that guarantees network connectivity and reaction times of less than 50 milliseconds for defined API calls.
Their API retrieves commodity price information from over 15 reliable data sources per minute. Among the sources are financial institutions such as ICE or COMEX. They also protect your connection with bank-grade 256-bit SSL encryption. Commodities-API is utilized regularly by thousands of developers, small enterprises, and large corporations. This API is the most popular site for commodity rates due to its solid data sources and more than six years of experience.