KUALA LUMPUR, Dec 29 (Reuters) - Malaysian palm oil futures fell on Wednesday, tracking weaker rivals oils and as traders booked profit after prices rose to a two-week high in the previous session. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange dropped 1.4% to 4,705 ringgit ($1,125.60) in early trade. It rose 3.56% on Tuesday, but slipped 0.5% in overnight trade. FUNDAMENTALS * Dalian"s soyoil contract slid 0.7%, while its palm oil contract dropped 0.71%. Soybean oil prices on the Chicago Board of Trade fell 0.19%. * Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. * U.S. oil rose for a sixth consecutive session while Brent gained more ground with a broad-based rally in global markets supporting prices. * Stronger crude oil futures typically make palm a more attractive option for biodiesel feedstock. MARKET NEWS * Asian stocks slipped following a mixed Wall Street session as the region"s investors positioned their portfolios for the new year and continued to grapple with increasing Omicron coronavirus cases globally. DATA/EVENTS No major data/events expected. ($1 = 4.1800 ringgit)