The sharemarket has closed lower, led by sharp losses among the big miners.
At 4.18pm AEST, the benchmark S&P/ASX200 index was down 80.2 points, or 1.6 per cent, at 4924.4 points.
The broader All Ordinaries index was down 82.3 points, or 1.65 per cent, at 4911.3 points.
Market heavyweights BHP Billiton and Rio Tinto both slumped more than 4 per cent on the back of weaker prices for commodities.
"We've just seen another significant decline in commodity prices in the Asian time zone," CMC Markets chief market analyst Ric Spooner said.
"So, in market terms, we've got a bit of a capitulation going on, I suppose."
Mr Spooner said prices for some commodities, such as copper and oil, may be falling because markets expected that supply would outstrip demand, if by only a little.
