Improve the overlay for (orderable) multiple fields

The current overlay for ordering and deleting values in multiple fields is difficult to see when it is displayed on top of buttons:

This can be improved by making it look like a menu:

Specs:

• Background colour: #FFFFFF, border: #000000 12%
• Padding
  as small as possible, because you have to be able to click on the button below it:
• top & bottom: 4px 
• left & right: 8px

• Not too much shadow, Material 2dp at most!