Abstract: A substantially mineral oil-free aqueous composition useful either as is or to produce a dry lubricant film, the composition consisting essentially of water; a silicone oil, a vegetable oil or a mixture thereof; at least one waxy film-forming material selected from at least two of the following three groups: (a) saturated C.sub.10 -C.sub.24 aliphatic monohydric alcohols, (b) saturated C.sub.10 -C.sub.24 aliphatic monocarboxylic acids, and (c) saturated or monounsaturated C.sub.10 -C.sub.24 aliphatic primary amides; an extreme pressure agent; and an anionic surfactant; nonionic surfactant or mixture thereof capable of stably dispersing the oil and film-forming mixture in the water.