JAKARTA, Dec 22 (Reuters) - Malaysian palm oil futures extended gains to a second session on Wednesday, tracking gains in rival oils and crude oil prices. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 1.16% to 4,435 ringgit ($1,054.70) in early trade. On Tuesday, it gained 2.21% in its best session in two weeks, buoyed by concerns of harvest being disrupted by floods in Malaysia and an import tax cut by key buyer India. The contract gained 0.48% in overnight trade. FUNDAMENTALS * Dalian"s soyoil contract for May delivery rose 1.78% while its palm oil contract gained 2.22%. Soybean oil prices on the Chicago Board of Trade for May delivery were up 0.39%. * Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. * Oil prices rose again as the dollar slipped, with risk appetite returning as some governments resist imposing lockdowns to curb the spread of the Omicron COVID-19 variant and as China said it would be able to sustain economic growth. * Stronger crude oil futures typically make palm a more attractive option for biodiesel feedstock. * Palm oil may bounce more into a range of 4,480-4,555 ringgit per tonne, following its stabilisation around a support at 4,296 ringgit, said Reuters technical analyst Wang Tao. MARKET NEWS * Asian share markets were gaining ground as the risk appetite of global investors rises heading into year-end, despite the surging number of Omicron variant cases around the world. DATA/EVENTS 0700 UK GDP QQ YY Q3 1330 US GDP Final Q3 1500 US Consumer Confidence Dec 1500 US Existing Home Sales Nov ($1 = 4.2050 ringgit)