Malaysian palm oil futures edged lower, hovering below MYR 4,600 per tonne after recent gains amid softer edible oil prices on the Dalian markets.
Demand concerns also pressured risk appetite, as palm oil imports by top buyer India fell to a 14-month low in June after a narrower discount to rival oils curbed purchases.
Meanwhile, China's economy grew at its slowest pace since late 2022 in Q2, raising concerns over demand from another key importer.
Despite the pullback, the contract remained on track for its first weekly gain in four, up about 1.7%, lifted by improving export prospects.
Cargo surveyors noted palm oil shipments during July 1-15 rose between 4% and 12.4% from the same period in June.
Meanwhile, Malaysia raised its August crude palm oil reference price, keeping the export duty at 10%.
Crude oil prices also stayed elevated amid limited flows through the Strait of Hormuz as the U.S. and Iran intensified attacks, lending support to palm oil through stronger biodiesel demand.