I use 3/4 pvc pipe with 1/8 to 1/4 rubber coated steel cable and duct tape.
Cut the pvc pipe to the length that you would like (I usually do about 5), then drill a hole about 1 up from the opening on one end to the size of the cable that you are using through both sides of the pvc directly in line with each other, the best way is to just run the drill bit all the way through. Run the cable through the pvc till it comes out the other end, the end with the hole you drilled will loop back in to the holes drilled. Fold a little bit of the cable over after it is out of the hold and duct tape it so it can no longer go back out the hole. This will create the end for the lobster. On the other end that is sticking out, just fold it over and duct tape it to create a handle. It is that simple and cheap.
I will try to find mine and take some pictures. That will probably be easier than following my description.