improved method of coldworking a metal workpiece involves using a low smoking lubricating composition containing certain amounts of water , potassium nitrite , potassium soap of a sulfurized fatty acid , glycerine , defoaming agent and a block copolymer of ethylene oxide grafted on a polypropylene oxide which copolymer has both a molecular weight range and contains an amount of ethylene oxide content sufficient to cause the composition to remain homogeneous between ambient temperature and the composition &# 39 ; s boiling temperature .