I have about a dozen of similar rigs only with about a foot of cable and the clip on a loop at the end, heavy duty but will stick your finger if you get to the unprotected end of the small cable! I have no idea where I got them though or what their original purpose was.
I have cans/boxes of 30 year+ welding rods open in my shop that were given to me several years ago, I do not have them in a dehumidifier cabinet and they work as they should! I am not against keeping rods dried out but.....