A weak US market and falling commodity prices dampened the ASX today.
At one stage the ASX was down more than three-quarters of a percentage point after the S&P 500 in the US fell overnight 0.65% to 1,988.44.
On the local market, the S&P/ASX 200 closed down 0.66% to 5,570.80.
Ric Spooner, chief market analyst at CMC Markets, says commodity prices particularly iron ore, oil and grains are falling as supplies are forecast to increase at rates which will not be met by demand.
“This is a negative for resource stocks and for Australia’s terms of trade,” he says.
Among the miners, Fortescue closed down 2.48% to $3.94, Rio Tinto 0.55% to $61.43 and BHP 0.8% to $35.81.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.