OK some say graphite some say WD 40.
7 Years ago I bought a 72 cb500, the cables were seized TIGHT! I went to a local car quest for some cable lube. The owner was an old biker, and he sold me some Lock Ease made by AGS. Get it at ACE hardware if you can’t find it anywhere. The bottom line is I squirted this stuff in the cable until it came out the other side, worked it in and 7 years have gone by. No lube, no dirt, no problems what so ever. One application!
The way it was explained to me was it is graphite in alcohol the alcohol evaporates and leaves the graphite. There is no oil or wet lube to attract dust.
I looked it up at their site (AGS) they say its solvent, whatever it works.