The main problem with using chain lube in this way, is that it's so thick, it wont easily go down the cable.
As Grant says, WD-40 is ok for the short term, but something containing Teflon (or perhaps silicon) will work better in the long term. Try a motor accessory store (Halfords for example) and see what they have. There must be a dozen or more different brands - GT85 is one that springs to mind. Somehow, WD40 is the name everyone thinks of, but it is by no means the best.
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