The downlink channel covariance matrix (CCM) acquisition is the key step for the practical performance of massive multiple-input and multiple-output (MIMO) systems, including beamforming, channel tracking, and user scheduling. However, this task is challenging in the popular frequency division duplex massive MIMO systems with Type I codebook due to the limited channel information feedback. In this paper, we propose a novel formulation that leverages the structure of the codebook and feedback values for an accurate estimation of the downlink CCM. Then, we design a cutting plane algorithm to consecutively shrink the feasible set containing the downlink CCM, enabled by the careful design of pilot weighting matrices. Theoretical analysis shows that as the number of communication rounds increases, the proposed cutting plane algorithm can recover the ground-truth CCM. Numerical results are presented to demonstrate the superior performance of the proposed algorithm over the existing benchmark in CCM reconstruction.