The Australian share market has closed lower after sharp falls in oil and base metal prices weighed on energy and mining companies.

The benchmark S&P/ASX200 was down 0.58 per cent, at 5,934.2 points, following on from Tuesday's biggest fall since September.

Iron ore prices firmed slightly overnight while weaker-than-expected industrial output data from China sparked a pullback in base metals prices, including a 5.7 per cent fall in nickel.

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