The share market has closed lower as a broad drop in commodity prices weighed on energy and resources stocks.
Mining giants BHP Billiton and Rio Tinto fell as iron ore prices dropped close to $US75 a tonne for the first time in five years.
Oil, gold, copper and nickel prices also fell.
Investors also deserted resources stocks because they were worried about Chinese industrial production numbers due out later this week, Morgans private client adviser Alistair McCorquodale said.
“They’re continuing to be cautious,” he said.
“There’s been no data coming out that’s reversed the view that China is a little bit weaker.
“Until they see some positive news coming out as to a better growth outlook, then I don’t think they’re willing to move.”
BHP dropped 51 cents to $34.17, Rio Tinto shed 73 cents at $60.51 and Fortescue Metals lost 14 cents to $3.02.
Energy stocks also took a hit, with Oil Search losing 26 cents to $8.60, Woodside dropping 66 cents to $40.25 and Santos shedding 29 cents to $12.58.
Gold miner Newcrest also dropped, losing 29 cents to $8.98.
Bank shares were mixed, with Westpac up 16 cents at $33.63 and Commonwealth Bank up 44 cents at $83, while ANZ dropped one cent to $32.51 and National Australia Bank lost four cents to $32.94.
Fertiliser and explosives maker Incitec Pivot gained 16 cents, or 5.5 per cent, to $3.08 despite a 33 per cent fall in annual profit.
Advertiser APN Outdoor made its share market debut, adding 10 cents to $2.65.
KEY FACTS
* At the close on Tuesday, the benchmark S&P/ASX200 index was down 6.9 points, or 0.12 per cent, at 5,517.1 points.
* The broader All Ordinaries index was down 7.4 points, or 0.13 per cent, at 5,494 points.
* The December share price index futures contract was down nine points at 5,531 points, with 21,975 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,151.40 per fine ounce, down $US21.20 on Monday’s price of $US1,172.60.
* National turnover was 1.67 billion securities worth $4.2 billion.
