Looking for accurate commodity prices in 2022? Well… we have good news for you! In this post, you will find interesting information about an incredible API, which will surely help you. It is the best commodities prices API.
A commodity is a product or good for which there is a demand in the market and they are traded without qualitative differentiation in purchase and sale operations. The price of a commodity is determined based on the conditions of supply and demand in the market, if the good is scarce its price will tend to increase and vice versa. Commodity transactions are made in two types of markets, the cash market known as spot and futures. In the spot market, merchandise or raw materials (commodities) are bought and sold through a market transaction denominated in cash and with the agreed price (spot price) and where the exchange of products occurs in the present.
In contrast, a futures contract is a contract or agreement that obliges the contracting parties to buy or sell a certain number of goods or securities at a certain future date, and at a price established in advance. The objective of the futures market is to be oblivious to the fluctuations that may occur due to economic crises or seasonal changes in production, among other reasons. Their main advantage is that they reduce the risk associated with market volatility.
There are different types of commodities. Grains such as soybeans, wheat, corn, oats, barley, and rice. Energies such as Crude oil, Gasoline, Natural Gas, and Ethanol. Softs like Cotton, Orange Juice, Coffee, Sugar, and Cocoa. And there is also a market for industrial metals such as copper, and aluminum, among others. There are many commodity exchanges, each focused on different types of commodities, all of which offer accurate and up-to-date prices. However, there is an API that offers the prices of ALL commodities with 100% accurate rates. Its name is Commodities-API.
What is Commodities-API?
Commodities-API is a tool that has become very famous among those who want to get accurate prices of commodities. It is used by thousands of developers, SMEs, and large corporations, who certify the excellence of this service. Some of its clients are very famous companies such as Barrick, Metex, Mansour, and Injective Protocol, among others.
This system is an API (Application Programming Interfaces), that is, a set of definitions and protocols used to develop and integrate application software, which allows communication between two software applications through a set of rules. What it seeks is to be a kind of bridge between you and the main commodity markets; so you can access prices quickly and easily. All this, with a precision of 2 decimal places and an update frequency of 60 seconds. These features explain why the Commodities-API is so famous for its speed and accuracy.
And here comes the best part, this service is free! You can see the prices of commodities completely free! But, obviously, the free service has limitations, which are eliminated with the paid plans.
We recommend that you go to its website and read the documentation on how to use this service. If you have any questions, please feel free to contact Commodities-API customer service or send an email to [email protected].