Get linked to the best commodity prices and get more knowledge about them with the following API. With information such as: name, symbol, unit, current price, high and low prices, trading volume, supply and demand, market cap, and much more.
What are Commodities?
Commodities are raw materials with similar characteristics that can be used in the same way to produce goods. To be included in this category, raw materials must have the following characteristics: – Same physical or chemical nature -Can be used interchangeably in production -Same durability -The same value can be obtained from their use-Can be included in the same insurance policy-They have the same physical characteristics-They can be substituted for one another without altering a process-The same amount of raw material is conserved when one is used in place of another. They are important because almost everything we use comes from them. For example, metals are a commodity that is used to make our cars and planes lighter and also food like coffee. In these two examples, it is important to note that these are raw materials that do not have any particular use but provide an ideal balance of physical characteristics for their production.In addition to the above characteristics, a commodity has the following special features: -They are used for multiple purposes -They provide an ideal balance of physical characteristics -They are produced as a final product -Market prices tend to behave in the same way as other commodities of the same type-Their price tends to rise and fall at the same time due to similar factorsMarket prices tend to behave in the same way as other commodities of the same type. The price of any commodity tends to rise and fall at the same time due to similar factors.The most important factor affecting commodity prices is demand because if it increases, its price will also increase and vice versa. The main reasons why demand may increase or decrease are:-A rise in the demand for its final product -Inflation or periods of economic expansion in which people tend to consume more -Demand for raw materials for new products or renovations -Some countries introduce restrictions on imports -Shortages of supply due to hurricanes, natural disasters or industrial accidentsThere are two main ways: -Futures contract-Open MarketContracts for future delivery are made on exchanges that fix prices on commodities before they are harvested or mined. This deal takes place through a financial instrument called futures contract. A futures contract offers two parties protection against rising or falling
Check different Commodity rates with this API. Get the latest price, prices per date, open, close, and much more.
To make use of it, you must first:
1- Go to Commodities API and simply click on the button “Subscribe for free” to start using the API.
2- After signing up in Zyla API Hub, you’ll be given your personal API key. Using this one-of-a-kind combination of numbers and letters, you’ll be able to use, connect, and manage APIs!
3- Employ the different API endpoints depending on what you are looking for.
4- Once you meet your needed endpoint, make the API call by pressing the button “run” and see the results on your screen.