There is no telling how the trade talks between the U.S. and China will pan out but China appears to be sitting at the table with a persuasive advantage: It has a global monopoly on samarium, a rare earth mineral that has magnetic properties and can withstand high temperatures. The U.S. military is dependent on the substance for its fighter jets.

The Indian rupee closed marginally higher on Monday, tracking muted moves in Asian peers even as the dollar weakened ahead of closely watched trade talks between U.S. and China scheduled to take place in London.