__ oxide ointment (4)

I believe the answer is:

zinc

(Other definitions for zinc that I've seen before include "Anti-corrosion agent" , "it might be galvanising" , "Metallic element present with copper in brass" , "White metallic element used in alloys" , "White metallic element, symbol Zn" .)

I've seen this clue in the Newsday.com and the Newsday.

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