Do you want to know what primary commodities are and how an API can provide their rates? If the answer is yes, keep reading!
Let’s get started by identifying the two main types of commodities: primary commodities and soft commodities. Primary commodities are those that are extracted directly from nature using labor and capital; while soft commodities are goods that can be manufactured from other materials. For example, wheat is a primary commodity, while bread is a soft commodity since it is made from wheat by applying labor and capital.
Thus, primary commodities are the raw materials that are used to produce other goods. These; include foodstuffs such as wheat, corn, and rice; energy resources such as crude oil, natural gas, and coal; metals, including iron ore; precious metals; and livestock, including live cattle and hogs. Since these are materials used for manufacturing or producing other goods; they can be traded on the commodity markets by speculators or investors.
However, the prices of these commodities change daily, depending on factors such as supply, demand, and speculation; thus, it is necessary to be up to date with them in order to make great financial decisions. Thankfully, modern technology has made obtaining commodity data really simple. With the help of an API for commodities prices, you’ll be able to access their rates in just seconds!
Obtain Primary Comodities Rates By Using An API For Comodities Prices
Data is transferred from one software to another using a piece of code known as an API, which also controls how a computer program functions. This is why, one program can use a pre-existing files or data from another software thanks to an API; which is why an application needs one.
Hence, a commodity price API, allows your software to quickly access up-to-date commodity price information; that has been compiled from a number of reliable financial sources. Using an API is the best way to get a specific piece of data; but you need to know which web service has the finest API. This is because not all Internet-based APIs are trustworthy. For this reason, we suggest using Commodities-API, a reputable API with more than six years of market experience.
With a frequency of up to 60 seconds and accuracy to two decimal places in over 170 different currencies; all commodity data provided by Commodities-API is provided in real time!
Obtain Primary Commodities Rates With Just One API Call
- Create an account on the Commodities-API website. It’s simple, no-cost, and you may select the plan you want to use. This API currently has three plans available: starter, basic, and professional. Choose the one that best meets your needs after taking into account their differences. If you choose the first plan, for instance, you will receive hourly commodity updates without spending a cent!
- After registration, you will receive an unique API key; which you can use each time you make an API call. Before continuing, verify your API key.
- Select the currency you want to view your prices in next, and then select the primary commodity symbol you want. There are 170 different currencies available, so keep that in mind!
- Execute the API call and wait for the results.