ASX down 1.9 per cent as commodities fall

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The Australian share market is trading sharply lower, with big losses for the major miners and oil producers as the lockdowns in China weighed on commodity prices.

The benchmark S&P/ASX200 index was down 142.6 points, or 1.91 per cent, to 7,330.7 at noon on Tuesday.

The broader All Ordinaries had fallen by 153.3 points, or 1.97 per cent, to 7,614.9.

The losses put the ASX on track for its worst session since February 24, and its worst two days of trading since late January.

The materials sector fell 4.9 per cent as the price of iron ore dropped by 12 per cent to $135 a tonne, its lowest level since late February.

Fortescue Metals fell by 6.5 per cent to $19.85, BHP was down 5.4 per cent to $45.88 and South32 had dropped 7.8 per cent to $4.46.

The energy sector was down 4.3 per cent, with Woodside Petroleum falling 5.3 per cent to $30.35 and Santos down 4.3 per cent to $7.80

The big four banks were all down, with NAB falling the most, by 1.4 per cent.