As the United Nations General Assembly gathered to discuss everything from climate change to world financial reforms, the market was left struggling.
The benchmark S&P-ASX 200 index was down 32.9 points, or 0.69%, at 4701.2 points.
The broader All Ordinaries fell 33 points, or 0.7%, to 4708 points.
The dollar started the day on a disappointing note at US86.95c, down from yesterday's close of 87.44c, after a tough session on Wall Street saw risk-adverse investors pull away from the currency.
The dollar regained some ground by the afternoon to close at 87.35c.
The London Metal Exchange failed to provide any relief from the bad news.
Copper, lead and zinc prices all tumbled.
The red metal fell for the first time in three sessions as inventories rose to a four-month high, renewing concern that demand is easing. Copper was 2.25% lower at $US6108 per tonne.
Likewise, lead was 2.22% lower at $2212.5/t and zinc shed 2.25% to $1876.5/t.
Nickel was the only base metal to keep its head above the rising waters, adding 0.73% to $17,796.
The spot price of gold was marginally higher at $1011.52 per ounce, but Comex lost some shine, sinking to $1014.4.
Most of the major resource stocks were also lower.
BHP Billiton sank 1.64% or A63c to $37.72 and rival Rio Tinto fell 82c or 1.33% to $60.92.
The gold plays were also struggling today with Newmont Mining losing 16c to $5.04, Lihir Gold shedding 7c to $3.01, Newcrest Mining tumbling 75c to $33.59 and Sino Gold losing 10c to $7.07.
In mining news, all eyes were on Elemental Minerals after it acquired a 75% interest in the Sintoukola potash project in the Republic of Congo in west Africa.
Historical wide-spaced drilling has demonstrated the presence of high-grade potash mineralisation in three target areas, with intersections including 3.9m at 26% potash and 3.1m at 21.3% potash.
Shares jumped 125% or 20c to 36c.
Gold Aura’s announcement of new gold vein discoveries at Sao Chico in Brazil made the explorer hot property, with more than 106 million shares changing hands and the price soaring 81.25% or 2.6c to 5.8c.
Coppermoly was another stand-out performer with shares gaining 52% or 3.4c to 9.9c. But the Papua New Guinea-focused junior said it knew of no reason for the price increase.
Forte Energy also claims to be unaware of any reason for a heightened interest in its stock, as shares gained more than 25% or 4.5c to close at 22c.
Meanwhile, shares in iron ore play Cazaly Resources gained 20% or 6c to close at 35c after it announced a proposed placement to a private Chinese investor to raise up to $4 million.
The placement of 10 million shares at 40c per share is subject to shareholder approval at the upcoming annual general meeting, and funds raised will be used to advance the Parker Range iron ore project in the Pilbara.
