From the MSDS.....
Compatibility of Ballistol with Other Materials
Ballistol is fully compatible with all metals including aluminum. However, Ballistol dissolves traces of copper, zinc, lead and tombac and can, therefore, be used to clean brass, bronze and silver.
BallistoL is compatible with all types of unfinished woods. Ballistol is compatible with paints and varnishes which are chemically resistant to petroleum. Caution is recommended when using Ballistol on antique furniture or antique musical instruments. Paints and varnishes from past centuries may not be resistant to Ballistol.
Ballistol can be used on all smooth leathers. Its use on suede is not recommended, since it will spoil its looks. Ballistol can be emulsified with water and mixed with gasoline, diesel fuel or antifreeze. Ballistol will chemically interact with and partially or fully neutralize substances of an acidic nature such as, but not limited to, human sweat, battery fluid, residues from tannic acid in leather.
Ballistol - Alkalinity
Ballistol has a pH of between 8.5 and 9.5. This variance occurs, because the pH of Ballistol can only be measured, when Ballistol is emulsified with water and because the concentration of Hydronium ions varies with the concentration of Ballistol in the emulsion. With an emulsion of 50 gr. of Ballistol in 1000 gr. of water a pH of 9 should normally result.
Ballistol as a Corrosion Inhibitor
Most corrosion inhibiting lubricants can only protect against normal oxidation. They do so by covering up the surface, which they are supposed to protect, and prevent contact with water and air. Due to its alkalinity Ballistol can also protect against galvanic corrosion, acidic corrosion and salt water corrosion. Ballistol contains oxygen binders. They make the oxygen, contained in water or air, unavailable for oxidation. Due to its low surface tension, Ballistol is capable of creeping into the smallest openings even against gravity. Accordingly, Ballistol provides not only passive but also active protection against corrosion. However, Ballistol is not a permanent coating or paint. Its protective effect will be the stronger the more often it is re-applied