DETAILED DESCRIPTION OF THE INVENTION The term "oxyfatty acid" as used herein means aliphatic monocarboxylic acid containing a hydroxyl group in the molecule thereof, preferably containing from 10 to 24 carbon atoms, more preferably from 12 to 18 carbon atoms. The melting point of the oxyfatty acid is preferably from -20. degree. C. to 200. degree. C. and more preferably from 0. degree. C. to 150. degree. C. Some well known oxyfatty acids include monooxy saturated acids, monooxy unsaturated acids, and polyoxy saturated acids. Monooxy saturated acids include glycolic acid, lactic acid, oxyvaleric acid, oxycaproic acid, oxycaprylic acid, oxycapric acid, oxylauric acid, oxymyristic acid, oxypalmitic acid, oxystearic acid, and oxybehenic acid. Monooxy unsaturated acids include parasorbic acid, ambrettolic acid, and ricinoleic acid. Polyoxy saturated acids include dioxymyristic acid, dioxypalmitic acid, dioxystearic acid, lanoceric acid, and trioxypalmitic acid. The present invention is not limited to the above-described compounds, and any oxyfatty acids, natural or synthetic, can be used in the invention. Commercially available preferred oxyfatty acids include lactic acid, ricinoleic acid obtained from castor oil, and 12-oxystearic acid resulting from hydrogenation of ricinoleic acid. In the magnetic recording medium of the invention, the magnetic layer comprises a binder and ferromagnetic powder dispersed in the binder. The amount of the ferromagnetic powder used is from 50 to 2,000 parts by weight per 100 parts by weight of the binder. The amount of the oxyfatty acid being added is from 0. 01 to 20 parts by weight, preferably from 0. 1 to 10 parts by weight, more preferably from 0. 5 to 5 parts by weight, per 100 parts by weight of the ferromagnetic powder. In producing the magnetic recording medium of the invention, the oxyfatty acid can be added in various manners; for example, (i) the ferromagnetic powder is impregnated with the oxyfatty acid; (ii) before or after the dispersion of the ferromagnetic powder in the binder, the oxyfatty acid is added; (iii) the fatty acid is coated on the magnetic layer provided on the support; or (iv) the oxyfatty acid is incorporated in the opposite surface of the support to the magnetic layer or in the back layer thereof
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