The Australian share market has closed lower in the wake of falling commodity prices and weaker foreign markets.

At the close on Thursday, the benchmark S&P/ASX200 index was down 14.3 points, or 0.33 per cent, at 4,319.6, while the broader All Ordinaries index was down 16.8 points, or 0.38 per cent, at 4,402.1.

On the ASX 24, the June share price index futures contract was down 23 points at 4,326, with 28,624 contracts traded.