The share market has closed lower due to weaker commodity prices and big falls on overseas markets.

At the close on Monday, the benchmark S&P/ASX200 index was down 42.9 points, or 0.78 per cent, at 5,422.7, while the broader All Ordinaries index was down 40.6 points, or 0.75 per cent, at 5,399.5, according to preliminary figures.

On the ASX 24, the March share price index futures contract was 43 points lower at 5,379, with 17,470 contracts traded.