What I did
When I had the same problem I removed the end fitting from the pole and soaked it overnight in a 1:2 vinegar / water solution and then flushed it for quite a while with fresh water.
Worked like a charm. If this doesn't work then make sure there isn't any visible damage or suspect wear on the pin (in case a worn-in ridge or similar is hanging up on a softer plastic bit).
I've found that most things on boats that are exposed to the elements work better with fresh water washes than with any kind of lube. The exceptions on our boat are masthead sheaves that seem to like lanolin grease and the hydraulic backstay cylinder that swoons over a wipe with an oiled rag.
p.s. - be careful with the pin. If yours is spring loaded like mine it will smash or remove a finger pretty easily if inadvertently triggered.
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